Firm’s debts are paid first out of ----------- assets

Related MCQs

• Assets which does not carry more than normal risk attach to business and no provision in required to be made against such assets are called
• In the event of dissolution of firm the partners personal assets are first used for payment of -------------- liabilities
• On dissolution of firm -------- are paid first
• The fixed assets of an insurance company are shown in
• On dissolution, all assets excepting cash are transferred to the ---------- side of realization account
• The account opened to close the various assets and liabilities of the firm on dissolution is called ------------- account
• On dissolution, all assets except cash are transferred to ----------- of realization account
• If a partner takes over some assets for value on dissolution, realization account should be -----------
• The amount of insurance ………….. to be paid at regular intervals
• On dissolution of firm creditors are paid --------