In the event of dissolution of firm, the

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Target Exam

CUET

Subject

Accountancy

Chapter

Dissolution of Partnership Firm

Question:

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

Options:

Personal Liabilities

Liabilities of the family

Liabilities of the Firm

None of the above.

Correct Answer:

Personal Liabilities

Explanation:

In the event of the firm's dissolution, the partner's assets are initially used to settle his personal liabilities.