As per Section. 48 of Partnership Act, what is the correct sequence to be Followed at the time of dissolution of Partnership Firm?
A. Payment for Partner's Loan
B. Payment for Partner's Capital Dues
C. Payment outsider's Liabilities
D. Surplus, if any distributed amongst partners Choose the correct answer from the options given below:
This question was previously asked in
Shift 31/05/2023 3:30 PM - 6:30 PM
A
A, C, B, D
B
B, D, A, C,
C
C. A, B, D
D
C, D, A, B
Correct Answer
C. A, B, D
Detailed Explanation
3. C, A, B, D
- Payment of outsider's liabilities: External liabilities are settled first.
- Payment for partner's loan: Next, any loans due to partners are paid.
- Payment for partner's capital dues: The partners' capital accounts are then settled.
- Surplus, if any, is distributed among the partners.
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