+3 votes
in Class 12 by kratos

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

1 Answer

+4 votes
by kratos
 
Best 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 ***, to distribute among partners in the profit sharing ratio.
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