Accounting · Dissolution of a Partnership Firm
Arrange the following in the correct sequence in which they shall be applied in payment at the time of dissolution of a partnership firm: (A) The debts of the firm to the third parties. (B) Partner proportionately what is due to him/her from the firm for advances as distinguished from capital. (C) Each partner proportionately what is due to him/her on account of capital. (D) Divided among the partners in their profit-sharing ratio.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(A), (B), (C), (D)✓
- 2(B), (C), (D), (A)
- 3(A), (D), (C), (B)
- 4(D), (B), (C), (A)
Correct answer
(A), (B), (C), (D)
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