Question : Varun and Arun are partners in a firm sharing profits and losses equally. On the date of the dissolution of the partnership firm, Varun's wife's loan was Rs. 45,000, whereas Arun's loan was Rs. 65,000. Which loan will be paid first?

Option 1: At first Varun's wife loan and then Arun's loan

Option 2: At first partners loan then partner's wife loan

Option 3: At first paid final payment to partners

Option 4: None of the above

Question : On dissolution of a firm; out of the proceeds received from the sale of assets ________will be paid first of all.

Option 1: partner's capital

Option 2: partner's loan to firm

Option 3: outsider's liabilities

Option 4: partner's additional capital

Question : On dissolution of a firm; out of the proceeds received from the sale of assets ________will be paid first of all.

Option 1: partner's capital

Option 2: partner's loan to firm

Option 3: outsider's liabilities

Option 4: partner's additional capital

Question : On dissolution of the firm, partner A demands that his loan of Rs. 1,00,000 should be paid before payment of Capitals of the partners, whereas partners B and C demand that Capitals should be paid before the payment of A's loan. State the order of payment.

Option 1: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid before the payment of partner's Capitals.

Option 2: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid after the payment of partner's Capitals.

Option 3: As per Section 48 of the Indian Partnership Act, 1932. Partner's loan is paid before the payment of outsider's liabilities.

Option 4: None of the above

Question : On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all to :

Option 1: Partner’s Capital

Option 2:  Partner’s additional capital

Option 3: Outside Creditors

Option 4: Partner’s Loan to Firm