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Under Section 48, the assets of the firm (after dissolution) are applied in which order?
AResidue first, then debts
BPartners' profits first
CCapital to partners, then firm debts, then residue
DDebts to third parties, then partners' advances, then partners' capital, then residue in profit-sharing ratio
Answer & Solution
Correct answer: D. Debts to third parties, then partners' advances, then partners' capital, then residue in profit-sharing ratio
Section 48 applies assets: first to third-party debts, then to partners' advances, then to partners' capital, and finally the residue in the profit-sharing ratio.
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