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

When both the debts of the firm and private debts of a partner co-exist, the Property of the firm as per Section 49 of the Indian Partnership Act, shall apply:

(A) Payment of debts of the firm first.

(B) The surplus, if any, shall be divided among the partners as per their claims, which can not be utilised for payment of their private liabilities.

(C) The surplus, if any, shall be divided among the partners as per their claims, which can be utilised for payment of their private liabilities.

(D) Payment of private debts of the partners first.

Choose the correct answer from the options given below.

Stock at the time of dissolution was appearing in books at Rs 50,000. Half of the stock was sold at a discount of 20% and the remaining was taken over by one of the partners at a 10% discount. What amount was received in cash at the time of realization of stock.

At the time of dissolution, a firm transferred Rs.100,000 Assets to the realization account and 50% of the assets were taken over by Kiran at 20% discount. How much net assets were taken over by Kiran?

Arrange the following in correct sequence in the case of dissolution of a partnership.

(A) Preparing a Bank account

(B) Realizing assets and payments of liabilities.

(C) Transferring of assets and liabilities in realization account.

(D) Preparation of capital account of partners.

Choose the correct answer from the options given below:

1. (A), (C), (B), (D)
2. (B), (C), (D), (A)
3. (B), (A), (D), (C)
4. (C), (B), (D), (A)

Neil, Kapil, Sunil started a furniture business in partnership. After one year of their operation, they started exporting Opium by keeping them in blank spaces between the furniture. As authorities came to know about the illegal business of the firm, they will compel them for .......

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: