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In settling the accounts of a firm after dissolution losses including deficiencies of capital, shall be paid in which sequence?
1. By the partners individually in profit sharing ratio.
2. Out of profit.
3. Out of capital.
Select the correct answer:

In settling the accounts of a firm after dissolution losses including deficiencies of capital, shall be paid in which sequence?
1. By the partners individually in profit sharing ratio.
2. Out of profit.
3. Out of capital.
Select the correct answer: Correct Answer 2, 3 and 1

Related Questions

The assets of the Partnership firm, including any sums contributed by the partners to makeup deficiencies of capital at the time of dissolution, shall be applied in the following manner and order: (A) In paying each partner rateably what is due to him for advances as distinguished from capital. (B) In paying to each partner rateably what is due to him on account of capital. (C) In paying the debts of the firm to third parties (D) Dividing among the partners in the proportion in which they were entitled to share profits. Choose the correct answer from the options given below:
The profit – sharing ratio of two partners is 2 : 3 if another partner is added with 40% of the profit – sharing ratio and the profit – sharing ratio of the initial two partners remains the same. Find the new profit – sharing ratio.
Arrange the following steps of 'adjustment of old partners' capital on the basis of incoming partner's capital in a correct order.
1. Ascertain the present capital of the old partners.
2. Calculation of total capital of firm on the basis of new partner's capital.
3. Finding the surplus/deficit capital.
4. Determining the new capital of each partner.
Select the correct answer:
Upon dissolution, which is the proper order for application of the firm's assets?
1. Payment of partner's loan.
2. In paying, the debts of the firm to third partiy.
3. Distribution of surplus to partners in profit sharing ratio.
4. Payment of partners capital.
Select the correct answer:
Arrange the following in correct sequence in the event of dissolution of a partnership firm.
1. If surplus, it is distributed among the partners.
2. The assets of the firm are realised.
3. Amount realised is applied towards repayment of liabilities to outsiders and loan taken from partners.
4. Capital contributed by partners is repaid.
Select the correct answer:
Consider the following for the dissolution of trade unions under the Trade Union Act, 1926. Which of the following statement(s) is/are correct?
1. When a registered Trade Union is dissolved, notice of the dissolution is signed by nine members and by the Secretary of the Trade Union.
2. The notice of dissolution must be sent within ten days to the Registrar.
3. Where the dissolution of a registered Trade Union has been registered and the rules of the Trade Union donot provide forthe distribution of funds of the Trade Union on dissolution, the registrar shall divide the funds amongst the members in such manner as may be prescribed.
X and Y were partners with a profit – sharing ratio of 4 : 3. If Z is admitted to the firm with 30% profit sharing percentage, find the new profit – sharing ratio.
A', 'B' and 'C' are partners in a partnership firm named A, B & C. 'A' retires from the firm without giving any public notice. Thereafter, an existing creditor lends Rs. ten lakh to the firm on the basis of his knowledge that 'A', 'B' and 'C' are the three partners in the firm. This amount remains unpaid by the firm. The creditor wants to recover the unpaid loan amount from the firm.
Gautam and Mahavir are partners in partnership firm sharing profits and losses 5 : 3. They admitted navin for $${\frac{1}{5}^{{\text{th}}}}$$ share. What will be new profit sharing ratio of partners?
In the company, there are two types of partner i.e working and sleeping partners. The commission paid by the company to their each working partner is 10 % of the total profit. There are two working partners who are paid Rs. 20000 each. The remaining profit is shared equally among the four partners. Find the amount paid to each sleeping partner in the business.