Dissolution of Firm means:

A. Assets are revalued and liabilities are reassessed. New balance sheet is drawn

B. Economic relationships between partners come to an end

C. The business of the firm is closed/terminated

D. The business is not closed/terminated

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Arrange the following in the context of dissolution of partnership firm.

A. Payment of loan from Partners

B. Payment of secured outsider's liabilities

C. Realisation of assets into cash

D. Settlement of partner's capital

E. Payment of unsecured outsider's liability

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Which of the following indicate the situation of compulsory dissolution.

Bank A/c is credited by the Realisation A/c by _______ amount in total.

As per the provisions of Section 48 of Indian Partnership Act, firm's assets are to be used in the prescribed order in case of dissolution of a firm. Arrange the following in order.

(A) In paying partner's loan

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

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

(D) In paying the debts of the firm to the third parties

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Match List-I with List-II

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On dissolution of a firm, the amount of loan taken from partner by firm will be transferred to