On dissolution, partners loan, if any, will be paid ---------

Related MCQs

• The ------ has distinguished the ‘dissolution of partnership’ from ‘dissolution of firm’.
• In the event of dissolution of firm the partners personal assets are first used for payment of -------------- liabilities
• ---------------- 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
• On dissolution of firm creditors are paid --------
• On dissolution of firm -------- are paid first
• A partnership which can be dissolved at any time by giving notice to other partners is known as ------------------
• 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 -----------