Under section 46 of the Indian Partnership Act, 1932, to what broad purpose must firm property be…

Section 46 entitles each partner to have firm property applied in payment of firm debts and liabilities before distributing the surplus according to the partners' rights. Section 48 supplies default settlement priorities, subject to agreement. An agreed unpaid salary may itself be a liability; discretionary bonuses ahead of firm liabilities do not express the section 46 rule.