Question

Mehak and Ravish were partners in a firm. On dissolution of the firm, the loan given by Mehak to the firm was ₹ 30,000, by Ravish was ₹ 15,000, and by Mrs. Ravish was ₹ 10,000. The first payment will be made for:

Options

• Ravish’s loan

• Mehak’s loan

• Mrs. Ravish’s loan

• Mehak’s loan and Ravish’s loan in the ratio of their loan amount.

Answer 1

Mrs. Ravish’s loan

Explanation:

When dissolving a partnership firm, the order of payment for partner and non-partner loans follows a specific hierarchy. Loans from non-partners (such as Mrs. Ravish) are settled before the loans from partners themselves. In this case, Mrs. Ravish’s loan of ₹10,000 is settled first, followed by the loans from the partners (Mehak and Ravish). After settling the non-partner loan, the partner loans are paid in the order of their respective amounts.