Home
Class 12
ACCOUNTS
In the event of dissolution of firm , ...

In the event of dissolution of firm , the partner's personal assets are first used for payment of the :

A

Firm 's liabilities

B

the personal liailites

C

None of the two

D

Any of the two

Text Solution

Verified by Experts

The correct Answer is:
B
Promotional Banner

Topper's Solved these Questions

  • COMPARATIVE STATEMENTS

    DK GOEL|Exercise MULTIPLE CHOICE QUESTIONS|30 Videos

  • FINANCIAL STATEMENTS ANALYSIS

    DK GOEL|Exercise Multiple Choice Questions|15 Videos
DK GOEL-DISSOLUTION OF A PARTNERSHIP FIRM-MULTIPLE CHOICE QUESTIONS
  1. On Dissolution of the firm , amount received from sale of unreco...

    Text Solution

    |

  2. Realisation A/C is a :

    Text Solution

    |

  3. In the event of dissolution of firm , the partner's personal asset...

    Text Solution

    |

  4. A partnership firm is compulsorily dissolved ):

    Text Solution

    |

  5. At the time of firm 's dissolution , Balance of general Reserve s...

    Text Solution

    |

  6. On dissolution , Goodwell account is transferred to ):

    Text Solution

    |

  7. At the time of dissolution of partnership firm , Fictitous asset...

    Text Solution

    |

  8. At time of dissolution of partnership firm , the balance of profi...

    Text Solution

    |

  9. At the time of dissolution of partnership firm , the amount of '...

    Text Solution

    |

  10. On dissolution , the final balance of capital accounts accounts ...

    Text Solution

    |

  11. Change in the existing agreement between the partners is called :

    Text Solution

    |

  12. At time of dissolution of partnership firm , the balance of profi...

    Text Solution

    |

  13. On Dissolution of a firm , a partner paid Rs. 700 for firm 's Real...

    Text Solution

    |

  14. On taking responsibilty of payment of Realisation expenses by a p...

    Text Solution

    |

  15. On dissolution of firm .Loss calculate in realisation account is ...

    Text Solution

    |

  16. Profit or loss of realisation account is transferred to :

    Text Solution

    |

  17. Which of the following is transferred to Realisation Account :

    Text Solution

    |

  18. Which of the following in not transferred to Realisation Account:

    Text Solution

    |

  19. On taking Responsibility of payment of a liability of Rs, 50,000 by Pa...

    Text Solution

    |

  20. Cash Balance shown in the Balance sheet is shown on dissolution...

    Text Solution

    |