In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order:
(A). In paying to each partner proportionately what is due to him on account of capital.
(B). The residue, if any, shall be divided among the partners in their profit sharing ratio.
(C). In paying the debts of the firm to third parties.
(D). In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan).
Choose the correct answer from the options given below:
Held on 4 Jun 2025 · Verified 13 Jul 2026.
(B), (A) (C), (D)
(C), (D), (A), (B)
(B), (A), (D), (C)
(C), (B), (D), (A)
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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 :-
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Work through every CUET UG Partnership PYQ, year by year.