What is the sequence for payment at time of dissolution of firm? – InterviewSolution

1.

What is the sequence for payment at time of dissolution of firm?

Answer»

On dissolution of firm:All assets including cash brought in partner will be utilized as follows:

To pay all loans of the firm including partners’ wives.
To pay every partners’ capital proportionately.
If any surplus remains, to distribute among partners in the profit sharing ratio.

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