queries regarding partnership accounting

[insaan]

1. In the absence of any agreement, shares given as Purchase consideration are distributed among partners in
Capital sharing ratio OR profit and loss sharing ratio…

2. Where partnership is converted to Ltd company and cash and bank is not taken over by the new company, is it necessary that the cash A/C shall show a nil balance at the end after appropriate distribution to partners. Can there be a case where the cash A/C doesn’t show a nil balance???

[insaan]

oh i hav found the answer to my 1st question
partnership act in the absence of any agreement doesnt allow the distribution of shares in profit sharing ratio .
BUT now what the matter is that some authors distribute the shares in closing partners capital ratio as at balance sheet date , whereas some
distribute in the ratio of partner's final claims that is after loss or profit on realisation & other reserves and profits have been transferred.which one should be preferred and why?