Question : Debt which the firm owes to outsiders are called
Option 1: Partner's debt
Option 2: Firm's debt
Option 3: Third party debt
Option 4: None of the above
Correct Answer: Firm's debt
Solution : According to Section 49 of the Indian Partnership Act, 1932, Firm's debt is a debt which the firm owes to outsiders. Hence, the correct option is 2.
Question : Debts which the firm owes to outsiders are known as the firm's debts, whereas the debts which a partner owes in his personal capacity are known as___________.
Question : Amount realised from the sale of private estate of partners will be used first to pay the _________.
Question : Private property of each partner is applied first towards the payment of his _________and surplus, if any, is applied towards payment of_____________.
Question : On dissolution of the firm, what payment is made first from the personal assets of a partner?
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