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TRUE OR FALSE
Question 1. A debit balance exists in a partner's capital account just prior to liquidation. This means that a mistake was made in the books, because capital accounts must have credit balances.
Question 2. Non-cash assets that are not sold should be written off as a loss and such loss is divided to the partners equally.
Question 3. Outside creditors enjoy priority claim to partnership assets over partners.
Question 4. The entry to record the exercise of offset will be debit the partner's loan account and credit cash.
Question 5. The partner is solvent when his personal assets exceed his personal liabilities while the partner is insolvent when his personal liabilities exceed his personal assets.
Financial Statement Analysis and Preparation
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