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 to :

Option 1: Partner’s Capital

Option 2:  Partner’s additional capital

Option 3: Outside Creditors

Option 4: Partner’s Loan to Firm

Question : At the time of dissolution of the firm, the partner's loan to the firm is paid out of the amount realised from the sale of assets

Option 1: after payment of outside liabilities but before repayment of capital.

Option 2: after payment of outside liabilities or capital.

Option 3: before payment of outside liabilities.

Option 4: after payment of capital of partners.

Question : On dissolution of a firm, the realization account is credited with

Option 1: when liabilities are paid

Option 2: when assets are transferred

Option 3: when liabilities paid by any partner

Option 4: when cash received from the sale of assets

Question : On dissolution of a firm, the realization account is credited with

Option 1: when liabilities are paid

Option 2: when assets are transferred

Option 3: when liabilities paid by any partner

Option 4: when cash received from the sale of assets