Mode of settlement of accounts between partners

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..... 48. In settling the accounts of a firm after dissolution, the following rules shall, subject to agreement by the partners, be observed:— (a) Losses, including deficiencies of capital, shall be p .....

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..... ) in paying to each partner rateably what is due to him from the firm for advances as distinguished from capital; (iii) in paying to each partner rateably what is due to him on account of capital .....

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