Question : Firms property is applied for payment of__________
Option 1: Private debt
Option 2: Firm's debt
Option 3: Capital
Option 4: None of these
Correct Answer: Firm's debt
Solution : Answer = Firm's debt.
The firm's property is applied for the payment of the firm's debt. This means that assets owned by the firm are utilized to settle obligations owed by the firm, which primarily include liabilities such as loans, bonds, or other forms of debt. Hence, the correct option is 2.
Question : Private property of each partner is applied first towards the payment of his _________and surplus, if any, is applied towards payment of_____________.
Question : At the time of dissolution of partnership firm first of all ______ shall be paid.
Question : On dissolution of the firm, what payment is made first from the personal assets of a partner?
Question : Debt which the firm owes to outsiders are called
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