CameraIcon

SearchIcon

MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Numerical Example of Assets Realisation

On the dissol...

Question

On the dissolution of a firm, loan from the wife of a partner is treated as ____________.

A

Loan from the partner

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Outside liability

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

C

Preferential liability

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

Liability payable after all other debts have been paid

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B Outside liability
Loan from a partners’ wife is to be treated as a normal creditor.
The basic aim of providing a loan in the name of partner’s wife is to by-pass the legal restrictions on the loan from a partner to the firm.

Suggest Corrections

thumbs-up

0

Similar questions

A

B

are partners in a firm sharing profits equally. They had advanced to the firm a sum of Rs. 30,000 as a loan in their profit-sharing ratio on 1st October, 2017. The Partnership Deed is silent on the question of interest on the loan from partners. Compute the interest payable by the firm to the partners, assuming the firm closes its books on 31st March each year.

Q. A and B are partners in a firm sharing profits in the ratio of 3 : 2. They had advanced to the firm a sum of ₹ 30,000 as a loan in their profit-sharing ratio on 1st October, 2017. The Partnership Deed is silent on interest on loans from partners. Compute interest payable by the firm to the partners, assuming the firm closes its books every year on 31st March.

Is the loan by a partner transferred to Realisation Account at the time of dissolution of a partnership firm? Why?

Q. A partner gave a loan of Rs.20,000 to the firm. At the time of dissolution of the firm the net losses of the firm were 30,000. How much money will the partner get on dissolution?

On dissolution of a firm, partner’s loan account is transferred to _________

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Other Aspects of Realisation

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Numerical Example of Assets Realisation

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon