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of <h1>Partnership Dissolution: Settle Losses, Pay Debts, Reimburse Advances, and Distribute Assets per Profit-Sharing Ratios (Indian Partnership Act).</h1> In the dissolution of a partnership firm under the Indian Partnership Act, 1932, accounts are settled by first addressing losses through profits, then capital, and finally by individual partner contributions based on profit-sharing ratios. Firm assets are allocated to pay off third-party debts, followed by reimbursing partners for any advances made, then settling capital contributions. Any remaining assets are distributed among partners according to their profit-sharing ratios. These rules apply unless partners have agreed otherwise.
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