According to Indian Partnership Act, 1932, when the firm is dissolved, cash received on sale of assets are applied in following order: (A) Paying to each partner proportionately what is due to him/her on account of capital (B) In paying the secured debts of the firm to the third parties (C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (D) The residue, if any shall be divided among the partner's in their profit sharing ratio (E) In paying unsecured debt of firm to third parties Choose the correct answer from the options given below:

Question

Examsnet · Accepted Answer

Correct Answer is : (B), (E), (C), (A), (D)

CUET UG Accountancy 28 May 2023 Shift 3