https://www.taxtmi.com/acts?id=7463 Mode of settlement on dissolution prescribes that losses, including capital deficiencies, are first met from profits, then from capital, and lastly by partners individually in their profit sharing proportions. Firm assets are to be applied in this order: payment of third party debts; repayment of partner advances rateably; repayment of partner capital rateably; and division of any residue among partners in their profit sharing proportions, subject to agreement to the contrary. en-us Sat, 19 Jan 2008 22:45:54 +0530 Sat, 19 Jan 2008 22:45:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=7463 Mode of settlement on dissolution prescribes that losses, including capital deficiencies, are first met from profits, then from capital, and lastly by partners individually in their profit sharing proportions. Firm assets are to be applied in this order: payment of third party debts; repayment of partner advances rateably; repayment of partner capital rateably; and division of any residue among partners in their profit sharing proportions, subject to agreement to the contrary. Act-Rules Partnership Firms Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=7463