On the dissolution of the partnership firm the amount realised from sale of assets shall be applied in following order.
(a) Distributing the amount left among the partners in their profit sharing ratio
(b) Paying amount due to partner on account of loan advanced by him
(c) Paying amount due to the creditors
(d) Paying partners' capital account balances
Choose the correct answer from the options given below :
Held on 20 Jul 2022 · Verified 13 Jul 2026.
(b), (d), (a), (c)
(c), (b), (d), (a)
(a), (b), (c), (d)
(b), (a), (d), (c)
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.