According to Section 48 of Indian Partnership Act, amount realized from assets, along with contributions from partners, if required, to make up deficiencies of capital shall be utilized in a particular order:

A. To pay off unsecured loan.

B. In settlement of capital account balances.

C. To pay off secured loan.

D. The surplus, if any, is divided among partners in their profit-sharing ratio.

Choose correct answer from options given below:

Dissolution of a partnership firm may be ordered by the court on the following grounds:

(A) when a partner becomes insane.

(B) when a partner becomes permanently incapable of performing his duties as partner.

(C) when a partner acts in good faith

(D) when it is regarded just and equitable by the court.

Choose the correct answer from the options given below:

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:

On dissolution of a firm, partner's loan account is transferred to:

On the dissolution of a firm, the Creditors are transferred to .....................:

Identify the steps involved in the accounting treatment in the case of dissolution of firm:

(A) Capital accounts of partners are prepared and their final settlement is done.

(B) The balance of realisation account (profit or loss on realization) is transferred to partners' capital accounts in the profit sharing ratio.

(C) All assets and all external liabilities are transferred to realisation account.

(D) Realisation account is prepared.

(E) Bank account is prepared.

Choose the correct answer from the options given below:

Varun (partner) had given a loan to firm of Rs. 5,00,000. On dissolution, he accepted furniture of Rs. 4,50,000 against the loan. The balance Rs. 50,000 will be: