CUET Accountancy - As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital: (A) Out of Profits (B) Out of capital of Partners (C) By partners individually in their profit sharing ratio (D) Creditors Assets Choose the correct answer from the options given below: | PYQs + Solutions

CUET Accountancy 2025 26 May Shift 2

Partnership

Medium

common

(A), (B) and (D) only

(A), (B) and (C) only

(B) and (D) only

(A) and (C) only

✅ Correct Option: 2

Related questions:

26 May Shift 2

When a firm is dissolved, the Balance of Investment Account and Balance of Investment Fluctuation Fund Account, shown by Firm's Balance Sheet are transferred into ............... and into ............... respectively:-

29 May Shift 2

Match List-I with List-II

List-I	List-II
(A). Payment of loans due to partners	(i). Realisation A/c Dr To Bank A/c
(B). For settlement of partners' accounts, in case their capital account shows a debit balance.	(ii). Bank A/c Dr. To loan to partners A/c
(C). For settlement of loan by a firm to a partner:	(iii) Bank A/c Dr. To Partner's Capital A/c
(D). For settlement of any unrecorded liability	(iv) Partner's Loan A/c Dr. To Bank A/c

Choose the correct answer from the options given below:

30 May Shift 2

A partnership firm is dissolved compulsorily in the following cases:

(A) when all the partners or all but except one partner, become insolvent, rendering them incompetent to sign a contract:

(B) When the business of the firm becomes illegal

(D) When some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership, e.g., when a partner who is a citizen of a country becomes an alien enemy because of the declaration of war with his country and India.

Choose the correct answer from the options given below:

CUET Accountancy 2025 26 May Shift 2 PYQs

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