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 : 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 : At the time of dissolution of partnership firm first of all ______ shall be paid.

Option 1: Firm's debt

Option 2: Partner's loan

Option 3: Capital of partners

Option 4: None of these

Question : On dissolution of a partnership firm, the amount received from the sale of assets is debited to

Option 1: Realization account

Option 2: Cash account

Option 3: Partner's capital account 

Option 4: None of the above