Maharashtra State BoardHSC Commerce 12th Board Exam
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Give the Word / Term Or Phrase Which Can Substitute the Following Statement. the Partner Who is Entitled to Share Profits Only. - Book Keeping and Accountancy

One Word Answer

Give the word / term or phrase which can substitute  the following statement.

The partner who is entitled to share profits only.

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Solution

Partner in profits only

Explanation: A partner who has the right to share the profits of the partnership firm without being liable to bear losses is regarded as a partner in profits only. Such a partner also does not take part in the management of the business.

Concept: The Indian Partnership Act 1932
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 1 Introduction to Partnership
Exercise | Q 12 | Page 13
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