At the time of Dissolution of a Partnership Firm, the assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied among the partners in the following manner and order:

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

(B) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner' loan);

(C) In paying the debts of the firm to the third parties;

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

Choose the correct answer from the options given below:

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.

Mukund's Loan of Rs. 50,000 to the firm, was settled at Rs. 55,000 at the time of firm's dissolution, where Mukund was one of the partner. What entry will be passed ?

Deferred revenue expenditure appearing in the old Balance Sheet at the time of Dissolution of partnership will be:

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

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 :-

Unrecorded Liabilities when paid are shown in: