The dissolution of partnership cannot take place by which of the following way:

Match List I with List II

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Which of the following statements are true:

(A) Dissolution of a partnership is different from dissolution of a firm.

(B) A partnership is dissolved when there is a death of a partner.

(C) A firm is dissolved when all partners give consent to it.

(D) A firm is compulsorily dissolved when a partner decide to retire.

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On the dissolution of the partnership firm the amount realised from sale of assets shall be applied in following order.

(a) Distributing the amount left among the partners in their profit sharing ratio

(b) Paying amount due to partner on account of loan advanced by him

(c) Paying amount due to the creditors

(d) Paying partners' capital account balances

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What journal entry will be passed for settlement of loan from a partner of Rs. 50,000 by paying Rs. 45,000 at the time of dissolution of a firm :-

Amount of Assets realized debited to Bank Account will be:

Identify the correct sequence or order of application of assets including any sum contributed by the partners, in case of dissolution of partnership firm to makeup deficiencies of capital.

A. In paying each partner proportionately what is due to him form the firm for advances distinguished from capital

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

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

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

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