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easyMCQCUET Accountancy 2025 2 June Shift 22026Accountancy
1 mark

Section 49 of the Indian Partnership Act, 1932 deals with:

  1. A
    Treatment of losses
  2. B
    Application of Assets
  3. C
    Provision of Indian Partnership Act 1932
  4. D
    Private Debts and Firm's Debts

Solution & Step-by-step Explanation

Section 49 of the Indian Partnership Act, 1932 lays down rules regarding the settlement of Private Debts and Firm's Debts. It states that property of the firm shall be applied first in the payment of the debts of the firm, and then the surplus, if any, can be used for private debts. Similarly, the private property of any partner shall be applied first in the payment of his private debts, and the surplus for firm's debts.

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Section 49 of the Indian Partnership Act, 1932 deals with:
A
Treatment of losses
B
Application of Assets
C
Provision of Indian Partnership Act 1932
D
Private Debts and Firm's Debts

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