On the dissolution of a partnership firm the partner is the first person who will receive his share capital from the assets of the firm.

A. Yes, a partner's right in the assets of the firm is supreme and he is first paid his share before making payment to anybody else vide Section 46 of the Partnership Act

B. No, a partner will receive his share capital from the partnership firm on dissolution but first after the payments of the third party debts of the partnership firm but before the debts of the partners payable by the partnership firm are paid

C. Share capital of a partner in a partnership firm is paid only after paying the third party debts of the partnership firm and loans repayable to the partners by partnership firm

D. Share capital of a partner of a dissolved partnership firm is paid from the residue available for distribution after the profits are distributed to the partners in the partnership firm as per their profit sharing ratio in view of Section 49 of the Partnership Act

Answer: Option C