CUET Accountancy - The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be utilized in which sequence? Arrange the following in proper sequence (A) In paying the debts of the firm to the third parties (B) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan) (C) In paying to each partner proportionately what is due to him on account of capital (D) The residue, if any, shall be divided among the partners in their profit sharing ratio Choose the correct answer from the options given below: | PYQs + Solutions

CUET Accountancy 2025 22 May Shift 1

Partnership

Easy

common

(C), (B), (D), (A)

(A), (B), (D), (C)

(B), (A), (D), (C)

(A), (B), (C), (D)

✅ Correct Option: 4

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An unrecorded asset is taken over by a creditor in full settlement in such a case

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After transferring liabilities like creditors and bills payables in the Realisation Account, in the absence of any information regarding their payment, such liabilities are treated as:

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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:

CUET Accountancy 2025 22 May Shift 1 PYQs

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