Under Section 48 of the Indian Partnership Act 1932, the order of application of assets on dissolution is: first pay the debts of the firm to third parties (C), then pay each partner ratably what is due as advances/loans (A), then pay each partner ratably what is due on account of capital (B), and finally distribute the residue in the profit sharing ratio (D). Hence the order is C, A, B, D.
Identify the correct sequence or order of application of assets including any sum contributed by the partners, in case of dissolution of partnership…
CUET UG 2022 — Accountancy Partnership
2022mcqmedium
Identify the correct sequence or order of application of assets including any sum contributed by the partners, in case of dissolution of partnership firm to makeup deficiencies of capital.
A. In paying each partner proportionately what is due to him form the firm for advances distinguished from capital
B. In paying to each partner proportionately what is due to him on account of capital
C. In paying the debts of the firm to the third parties
D. The residue, if any, shall be divided among the partners in their profit sharing ratio
Choose the correct answer from the options given below:
Official previous-year question
Held on 15 Jul 2022 · Verified 13 Jul 2026.
Options
- A
A, B, C, D
- B
C, A, B, D
- C
B, C, A, D
- D
D, A, C, B
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