Question : Amount realised from the sale of private estate of partners will be used first to pay the _________.
Option 1: Firm's debt
Option 2: Third party debt
Option 3: Partner's personal debt
Option 4: None of the above
Answer (1)
24th Jan, 2024
Correct Answer: Partner's personal debt
Solution : The partner's personal debt will be settled first with the proceeds from the sale of their private estate. Hence, the correct option is 3.
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