Dissolution of ...

X & Y entered a Joint Venture for export of Indian Handicraft items to overseas customers. X sends goods worth Rs. 2,00 000 to Y for export to USA. Y exported goods worth Rs. 1,75,000 to USA for Rs. 2,10,000 and agreed to take away the remaining goods at cost less 10%. Y's Account will be __________ for goods taken away.

All external liability accounts including provisions, if any, are closed by transferring them to the credit of _________ account.

Who is treated as liquidator in Creditors' voluntary winding up?

X,Y and Z are three partners sharing profit and loss in the ratio of  3:2:1. The firm took joint life policy of Rs.30,000 for X,Rs.20,000 for Y and Rs.10,000 for Z. What is the share of Z in the Joint Life policy?

_________ is created to provide funds for payment to the legal heir of the deceased partner.

Upon dissolution, which is the proper order of application of the firm's assets?
I . Payment of partners loan
II. In paying the debts of the firm to third parties
III. Distribution of surplus to partners in profit sharing ratio
IV. Payment of partners capital

Select the correct answer from the options given below-

Dissolution of the partnership is _________ in nature, as it is dissolved by mutual agreement. Conversely, a firm is dissolved either ________________.

After the dissolution of the firm, any partner or his representative may restrain any other partner or his representative from carrying of similar business in the firm's name or by using firm's property for own benefit until___.

In which of the following case Garner v Murray rule is NOT applicable? 
1. Only one partner is solvent.
2. All partners are insolvent.
3. When partnership deed provides a specific method to be followed in case of insolvency of a partner

Select the correct answer from the options given below-

The amount due to the retiring partner can be made by ________.