CUET Accountancy PYQs

Section 49, of the Indian Partnership Act 1932, deals with

Ram, a partner, has been assigned the responsibility for realization of assets and settlement of liability for which he will be given remuneration of ₹ 10,000. He has to bear all the realization expenses. Actual realization expenses are 12,000. Journal Entry will be

The assets of the firm, including any sum contributed by the partners to make deficiencies of capital, shall be applied first for paying ………….