Arrange the following in correct sequence for application of assets in the Settlement of Accounts in Case Of Dissolution of a Partnership firm - (A) The balance should be applied to repay loans made by the partners to the firm. (B) The assets of the firm should be used in paying the debts of the firm to third parties. (C) The balance assets may be used for paying partners proportionately on account of capital. (D) The asset's residue, if any, shall be divided among the partners in their profit sharing ratio. Choose the correct answer from the options given below:

Which of the following statements are correct about partnership- (A) Each partner carrying on the business is the principal as well as the agent for all the other partners (B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the part…

The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?

On the admission of a new partner increase in the value of assets is debited to:

Blue Prints Ltd., purchased building worth Rs.1,50,000, machinery worth Rs.1,40,000 and furniture worth Rs.10,000 from XYZ Co., and took over its liabilities of Rs. 20,000 for a purchase consideration of Rs. 3,15,000. Blue Prints Ltd., paid the purchase consideration by issuing 1…

The Profit on reissue of forfeited shares is transferred to-

Which among the following is NOT true?

As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital: (A) Out of Profits (B) Out of capital of Partners (C) By partners individually in their profit sharing ratio (D) Creditors Assets Choos…

John Ibrahm, a partner in Ancient Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. He withdrew Rs. 3,000 per month at the beginning of the month. Calculate interest on drawings that should be charged from John…