In the event of dissolution of firm the partners personal assets are first used for payment of -------------- liabilities
A) Firm's
B) Outsiders
C) External
D) Personal
Correct Answer:
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Q1: When a liability is assumed by a
Q2: When an unrecorded asset is taken over
Q3: The account opened to close the various
Q4: When a firm is dissolved, project or
Q6: Goodwill appearing in the balance sheet at
Q7: On dissolution, partners loan, if any, will
Q8: -----------of partnership firm means closing the business
Q9: On dissolution, all assets except cash are
Q10: If a partner takes over some assets
Q11: In the case of dissolution of the
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