Upon dissolution, which is the proper order for application of the firm's assets?
1. Payment of partner's loan.
2. In paying, the debts of the firm to third partiy.
3. Distribution of surplus to partners in profit sharing ratio.
4. Payment of partners capital.
Select the correct answer:
A. 1, 4, 3 and 2
B. 2, 1, 4 and 3
C. 2, 1, 3 and 4
D. 1, 2, 3 and 4
Answer: Option C
This Question Belongs to Commerce >> Accounting
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