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 : A and B are partners in a firm sharing profits in the ratio of 3:2. Mrs A has given a loan of Rs. 20,000 to the firm, and the firm also obtained a loan of Rs. 10,000 from B. The firm was dissolved, and its assets were realised for Rs. 25,000. State the order of payment of Mrs. A's Loan and B's Loan with reason, if there were no creditors of the firm.

Option 1: As per Section 48 of the Indian Partnership Act, 1932, Mrs. A's Loan of Rs.20,000 will be paid first and after that B's Loan will be paid up to the available amount of Rs.5,000.

Option 2: As per Section 48 of the Indian Partnership Act, 1932, B's loan of Rs.10,000 will be paid first and after that Mrs A loan will be paid up to the available amount.

Option 3: As per Section 48 of the Indian Partnership Act, 1932, Mrs. A's Loan of Rs.20,000 will be paid first and after that B's Loan will be paid up to the available amount of Rs 10,000.

Option 4: None of the above

Question : Peter and Harry, who were partners sharing profits and losses in the proportion of 4 / 7 and 3 / 7 respectively, decided to dissolve the partnership firm as of 31st March 2020. On the date of the dissolution, Peter's Capital was Rs. 1,25,030 and Harry's Capital was Rs. 2,070. Creditors amounted to Rs. 23,150 and Cash Rs. 4,520. The remaining assets realised Rs. 1,24,910 and the expenses of dissolution were Rs. 1,860. Both partners were solvent.
Question:
The value of sundry assets is

Option 1: Rs 1,50,250

Option 2: Rs 1,45,730

Option 3: Rs 1,50,000

Option 4: Rs 1,45,000

Question : Peter and Harry, who were partners sharing profits and losses in the proportion of 4 / 7 and 3 / 7 respectively, decided to dissolve the partnership firm as of 31st March 2020. On the date of the dissolution, Peter's Capital was Rs. 1,25,030 and Harry's Capital was Rs. 2,070. Creditors amounted to Rs. 23,150 and Cash Rs. 4,520. The remaining assets realised Rs. 1,24,910 and the expenses of dissolution were Rs. 1,860. Both partners were solvent.
Question:
The loss on realization___________.

Option 1: Rs 22,680

Option 2: Rs 22,620

Option 3: Rs 22,000

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