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Question

Which of the following method(s) is/are followed for the purpose of 'piecemeal distribution' in the case of dissolution of a partnership firm?
1.Proportionate Capital Method
2. Maximum Possible Loss Method
3. Reconstruction and Distribution Method
Select the correct answer using the codes given below.

A
3 alone
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B
1 and 3
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C
2 and 3
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D
1 and 2
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Solution

The correct option is D 1 and 2
Proportionate capital method and maximum possible loss method are the methods followed for dissolution of a partnership firm. Piecemeal distribution means where dissolution takes time as realisation of cash takes time.

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