The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be utilized in which sequence? Arrange the following in proper sequence
(A) In paying the debts of the firm to the third parties
(B) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan)
(C) In paying to each partner proportionately what is due to him on account of capital
(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:
Held on 22 May 2025 · Verified 13 Jul 2026.
(C), (B), (D), (A)
(A), (B), (D), (C)
(B), (A), (D), (C)
(A), (B), (C), (D)
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