Practicing Success
The private property of each partner is applied first towards the payment of the........... and if any surplus is left then it is applied for the payment of his......... at the time of the dissolution of the firm. |
Private debts, public debts Firm debts, private debts Private debts, firm debts None of these |
Private debts, firm debts |
Private Debts and Firm’s Debts: Where both the debts of the firm and private debts of a partner co-exist, the following rules, as stated in Section 49 of the Act, shall apply. |