In case of dissolution, application of assets of the firm shall be applied in a particular manner and order.

Arrange the following steps in a sequence:

(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 the debts of the firm to the third parties.

(D) 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

Choose the correct answer from the options given below:

In which of the following ways does dissolution of a firm take place?

(A) Dissolution by agreement

(B) Compulsory dissolution

(C) On the happening of certain contingencies

(D) Dissolution by notice

Choose the correct answer from the options given below:

When a partnership firm is dissolved, final payment made to partners is transferred to

Select the correct statements from the following:

(A) Realisation Account is prepared at the time of death of a partner.

(B) Revaluation Account is prepared at the time of dissolution of a firm.

(C) At the time of dissolution, the Book Value of Assets are transferred to the Debit Side of the Realisation Account.

(D) At the time of dissolution, the Realised value of Assets are transferred to the Credit Side of the Realisation Account.

Choose a pair of correct statements from the given options below:

Bank A/c is credited by the Realisation A/c by _______ amount in total.

At the time of dissolution of a firm, the Bank Loan was Rs. 60,000 which was paid by Bhuvan (a partner) along with one-year interest at 6 %, which journal entry will be passed in the books of the firm :-

On dissolution of a firm, bank overdraft is transferred to: