In case of dissolution of a firm, the assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order:

A. In paying to each partner proportionately what is due to him on account of capital.

B. The residue, if any, shall be divided among the partners in their profit sharing ratio.

C. 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.

D. In paying the debts of the firm to third parties.

Choose the correct sequence from the options given below:

Arrange the following in correct order in which assets of the firm can be used in the settlement.

(A) Residue shall be divided between the partners in their profit sharing ratio.

(B) In paying the partners proportionately what is due to him/her on account of capital.

(C) In paying the partners proportionately what is due to him/her from the firm for advances/loans.

(D) In paying the debts of the firm to the third parties.

Choose the correct answer from the options given below:

Partner's current accounts are transferred to respective Partners' _____________________.

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.

Unrecorded liabilities when paid are shown in:

In case of Fixed Capital Method, at the time of dissolution of a firm, An un-recorded asset are taken over by a partner, which Journal Entry will be recorded in the books of the Partnership Firm :-

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:-