According to Indian Partnership Act, 1932, when the firm is dissolved, cash received on sale of assets are applied in following order :

(A) Paying to each partner proportionately what is due to him/her on account of capital

(B) In paying the secured debts of the firm to the third parties

(C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital

(D) The residue, if any shall be divided among the partner's in their profit sharing ratio

(E) In paying unsecured debt of firm to third parties

Choose the correct answer from the options given below :

Varun (partner) had given a loan to firm of Rs. 5,00,000. On dissolution, he accepted furniture of Rs. 4,50,000 against the loan. The balance Rs. 50,000 will be:

At the time of the Dissolution of the Partnership firm, "Creditors were Rs.1,00,000. They accepted buildings valued at Rs.1,20,000 and paid cash to the firm Rs.30,000". Necessary journal entry would be :

When realization expenses are paid by the firm on behalf of a partner, such expenses are debited to:

According to Section ........... of the partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

Which among the following are the modes of dissolution?

A. Dissolution by Nature

B. Compulsory Dissolution

C. Dissolution by Agreement

D. Dissolution by Notice

Choose the correct answer from the options given below:

Dissolution of a partnership firm may be ordered by the court on the following grounds:

(A) when a partner becomes insane.

(B) when a partner becomes permanently incapable of performing his duties as partner.

(C) when a partner acts in good faith

(D) when it is regarded just and equitable by the court.

Choose the correct answer from the options given below: