Section 49 of the Indian Partnership Act, 1932 deals with:

Section 49 provides that where there are joint debts of the firm and separate debts of a partner, "the property of the firm shall be applied in the first instance in payment of the debts of the firm", and "the separate property of any partner shall be applied first in the payment of his separate debts". Settlement of accounts, personal profits after dissolution and return of premium are in ss.48, 50 and 51.