Question : At the time of dissolution of partnership firm first of all ______ shall be paid.
Option 1: Firm's debt
Option 2: Partner's loan
Option 3: Capital of partners
Option 4: None of these

Question

Question : Varun and Arun are partners in a firm sharing profits and losses equally. On the date of the dissolution of the partnership firm, Varun's wife's loan was Rs. 45,000, whereas Arun's loan was Rs. 65,000. Which loan will be paid first?

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Answer 1

Correct Answer: Firm's debt

Solution : At the time of dissolution of a partnership firm, first of all firm's debt should be paid before the payment to partners. Hence, the correct option is 1.

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Question : At the time of dissolution of partnership firm first of all ______ shall be paid.Option 1: Firm's debtOption 2: Partner's loanOption 3: Capital of partnersOption 4: None of these

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Question : At the time of dissolution of partnership firm first of all ______ shall be paid.
Option 1: Firm's debt
Option 2: Partner's loan
Option 3: Capital of partners
Option 4: None of these