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?
Option 1: At first Varun's wife loan and then Arun's loan
Option 2: At first partners loan then partner's wife loan
Option 3: At first paid final payment to partners
Option 4: None of the above

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?

Option 1: At first Varun's wife loan and then Arun's loan

Option 2: At first partners loan then partner's wife loan

Option 3: At first paid final payment to partners

Option 4: None of the above

Team Careers360 · Accepted Answer

Correct Answer: At first Varun's wife loan and then Arun's loan

Solution : Answer = At first Varun's wife's loan and then Arun's loan

Outsiders liabilities should be paid first, then Partner's liabilities.
Hence, the correct option is 1.

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