When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to:

Creditors are transferred to __________ on the dissolution of the firm.

Unrecorded liabilities when paid are shown in:

When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to:

Choose the correct sequence of Closing of Ledger Accounts at the time of dissolution of a Partnership Firm.

(A) Closing of Cash at Bank & Cash in hand account.

(B) Realisation of Assets and payment of external liabilities recorded in Realisation Account.

(C) Transfer of Assets and External Liabilities to Realisation Account.

(D) Closing Partner's capital account by settling the final payment to partners or receipt from partners.

Choose the correct answer from the options given below:

At the suit of a partner, the court may order a partnership firm to be dissolved on the following grounds :

A. When a partner becomes insane.

B. When a partner becomes permanently incapable of performing his duties as a partner.

C. When a partner is guilty of misconduct which is likely to adversely affect the business of the firm.

D. When a partner persistently commits breach of partnership agreement.

Choose the correct answer from the options given below:

Arrange the following in the correct sequence, in which the assets of the firm shall be applied, including any sum contributed by the partners to make up deficiencies in the case of dissolution of a partnership firm.

(A) 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).

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

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

(D) In paying to each partner proportionately what is due to him on account of capital.

Choose the correct answer from the options given below: