When a partnership firm is being dissolved, the private property of any partner shall be applied first, in payment of...................... and the surplus, if any, may be utlilised for payment of ...............in case the firm's liabilities exceed the firm's assets.
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → his private debt, the firm's debts
NCERT (2026-27 edition):
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