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
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.
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?
Question : On dissolution of a firm; out of the proceeds received from the sale of assets ________will be paid first of all.
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 : On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all to :
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