CUET Accountancy - When a partnership firm is being dissolved, the private property of any partner shall be applied first, in payment of __________ and the surplus, if any, may be utilised for payment of __________, in case the firm's liabilities exceed the firm's assets. | PYQs + Solutions

CUET Accountancy 2025 3 June Shift 1

Partnership

Easy

common

his private debt, the firm's debts

the firm's debts, his private debt

his private debt, other partners' private debts

the firm's debts, other partners' private debt.

✅ Correct Option: 1

Related questions:

2 June Shift 2

Match List-I with List-II

List-I	List-II
(Accounting standards Section of Act.)	(Issues)
(A) AS-3	(I) Settlement Of Accounts.
(B) AS-26	(II) Firm's debt and private debt
(C) Section 48 of the Indian partnership Act	(III) Cash flow statement.
(D) Section 49 of the Indian partnership Act	(IV) Treatment of goodwill.

Choose the correct answer from the options given below:

14 May Shift 2

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.

3 June Shift 2

The following are the features of the Dissolution of Partnership:

(A) Assets and liabilities are revalued, and a new balance sheet is drawn.

(B) Economic relationships between partners continue, though in a changed form.

(D) The books of account are closed.

Choose the correct answer from the options given below:

CUET Accountancy 2025 3 June Shift 1 PYQs

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