In the event of dissolution of firm the partners personal assets are first used for payment of -------------- liabilities

Related MCQs

• The account opened to close the various assets and liabilities of the firm on dissolution is called ------------- account
• ---------------- of the Indian Partnership Act, 1932 states that when the partnership between all the partners of a firm comes to an end, it is called dissolution of the firm
• The ------ has distinguished the ‘dissolution of partnership’ from ‘dissolution of firm’.
• On dissolution, partners loan, if any, will be paid ---------
• On dissolution of firm -------- are paid first
• On dissolution, all assets excepting cash are transferred to the ---------- side of realization 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 -----------
• On dissolution of firm creditors are paid --------
• In the case of dissolution of the firm , the account opened for closing various items in the balance sheet is called ----------------