Question : A and B are partners in a firm sharing profits in the ratio of 3:2. Mrs A has given a loan of Rs. 20,000 to the firm, and the firm also obtained a loan of Rs. 10,000 from B. The firm was dissolved, and its assets were realised for Rs. 25,000. State the order of payment of Mrs. A's Loan and B's Loan with reason, if there were no creditors of the firm.
Option 1: As per Section 48 of the Indian Partnership Act, 1932, Mrs. A's Loan of Rs.20,000 will be paid first and after that B's Loan will be paid up to the available amount of Rs.5,000.
Option 2: As per Section 48 of the Indian Partnership Act, 1932, B's loan of Rs.10,000 will be paid first and after that Mrs A loan will be paid up to the available amount.
Option 3: As per Section 48 of the Indian Partnership Act, 1932, Mrs. A's Loan of Rs.20,000 will be paid first and after that B's Loan will be paid up to the available amount of Rs 10,000.
Option 4: None of the above
Correct Answer: As per Section 48 of the Indian Partnership Act, 1932, Mrs. A's Loan of Rs.20,000 will be paid first and after that B's Loan will be paid up to the available amount of Rs.5,000.
Solution : Answer = As per Section 48 of the Indian Partnership Act, 1932, Mrs. A's Loan of Rs.20,000 will be paid first and after that B's Loan will be paid up to the available amount of Rs.5,000.
As per section 48, of the Indian Partnership Act 1932. Mrs A's loan of Rs 20,000 (outsider liabilities) will be paid first, and after that B's loan (Partner's liabilities) will be paid up to the available amount of Rs 5,000.
Hence, the correct option is 1.
Question : On dissolution of the firm, partner A demands that his loan of Rs. 1,00,000 should be paid before payment of Capitals of the partners, whereas partners B and C demand that Capitals should be paid before the payment of A's loan. State the order of payment.
Question : As Per Section ----------------- of the Indian Partnership act provides that a new partner shall not be inducted into the firm without the consent of all existing partner ?
Question : Assertion (A): The firm's partners are Amit, Bharat, and Charu. The Partnership Agreement provides that Amit will be paid a salary of 60,000 per year. Bharat and Charu have also requested salaries of 60,000 each. Salaries for Bharat and Charu will be permitted.
Question : L, B and P were partners sharing profits and losses in the ratio of 4: 3: 2. P died on 1st July 2019 on which date the capitals of L, B and P after all necessary adjustments stood at Rs. 75,000; Rs. 65,000 and Rs. 45,000 respectively. L and B continued to carry on the business
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