CUET Accountancy 2023 20 June Shift 2 PYQs

Stock at the time of dissolution was appearing in books at Rs 50,000. Half of the stock was sold at a discount of 20% and the remaining was taken over by one of the partners at a 10% discount. What amount was received in cash at the time of realization of stock.

In the case of dissolution of a partnership firm, the accumulated profits and reserves are transferred to :

In case of dissolution of a partnership firm, losses, including deficiencies of capital, shall be paid first out of ...............