Profit & Loss Adjustment A/c is not prepared in which of the following case?

Match List-I with List-II

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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.

Section 49, of the Indian Partnership Act 1932, deals with

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

(A) When a partner becomes insane.

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

(C) In accordance with a contract between the partners.

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

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Arrange the following in correct sequence for application of assets in the Settlement of Accounts in Case Of Dissolution of a Partnership firm -

(A) The balance should be applied to repay loans made by the partners to the firm.

(B) The assets of the firm should be used in paying the debts of the firm to third parties.

(C) The balance assets may be used for paying partners proportionately, on account of capital.

(D) The asset's residue, if any, shall be divided among the partners in their profit sharing ratio.

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As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital:

(A) Out of Profits

(B) Out of capital of Partners

(C) By partners individually in their profit sharing ratio

(D) Creditors Assets

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