Economics · Partnership Accounting
Identify the correct order in which the assets of a firm shall be applied in case of dissolution of a partnership firm according to the Indian Partnership Act: A. Paying to each partner rateably what is due to him from the firm for advances as distinguished from capital. B. Paying the residues if any to partners in the proportion in which they were entitled to share profit. C. Paying the debts of the firm to third parties. D. Paying to each partner rateably what is due to him on account of capital. Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A, B, C, D
- 2C, A, D, B✓
- 3C, A, B, D
- 4A, C, D, B
Correct answer
C, A, D, B
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