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Partnership act

Mahesh, Suresh and Dinesh are partners in a trading firm. Mahesh, without the knowledge or consent of Suresh and Dinesh borrows himself Rs. 50,000 from Ramesh, a customer of the firm, in the name of the firm. Mahesh, then buys some goods for his personal use with that borrowed money. Can Mr. Ramesh hold Mr. Suresh & Mr. Dinesh liable for the loan? Explain the relevant provisions of the Indian Partnership Act,1932. . . Please explain with reason


Lucky Garg

Lucky Garg

CA Foundation

2K+

24-Apr-20 14:01

48

Answers (5)

The firm is liable to Mr.Ramesh for mahesh's act. REASON : liability of partners is JOINT & SEVERAL i.e., the firm is liable for wrongful acts of a partner and partner is liable for misconduct of the firm.


M Narendra

M Narendra

CA Inter

4K+

24-Apr-20 16:16

Joint and severally liable


Roshan Zameer

Roshan Zameer

CMA Inter

7K+

24-Apr-20 20:32

Thanks


Lucky Garg

Lucky Garg

CA Foundation

2K+

25-Apr-20 06:09

Thanks


Chinna Sai

Chinna Sai

CA Foundation

7K+

26-Apr-20 07:14

See in the topic . Liability to third party... in the the book


Deborah Susaiyappan

Deborah Susaiyappan

CA Inter

3K+

22-Sep-20 11:34