In settling the accounts of a firm after dissolution losses including deficiencies of capital, shall be paid in which sequence?
1. By the partners individually in profit sharing ratio.
2. Out of profit.
3. Out of capital.
Select the correct answer:
A. 1, 2 and 3
B. 2, 1 and 3
C. 3, 2 and 1
D. 2, 3 and 1
Answer: Option D
This Question Belongs to Commerce >> Accounting
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