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
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.
Question : At the time of dissolution of partnership firm first of all ______ shall be paid.
Question : A and B are partners in a firm sharing profits in the ratio of 3:2. Mrs A has given a loan of Rs. 20,000 to the firm, and the firm also obtained a loan of Rs. 10,000 from B. The firm was dissolved, and its assets were realised for Rs. 25,000. State the order of payment of Mrs.
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 : Mohan and Kanwar are partners in a firm. Their firm was dissolved on 1.1.2013. Mohan was assigned the work of dissolution. For this work Mohan was to be paid Rs.500. Mohan paid dissolution expenses of Rs.400 from his own pocket. Choose the correct Journal entry
Question : On dissolution of a firm; out of the proceeds received from the sale of assets ________will be paid first of all.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile