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What is the rule of offset

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Problem 1: The loss on realization is distributed to the partners in accordance to their:

a. Capital balances at the time of realization
b. Profit and loss sharing agreement
c. Distributed equally among the partners
d. Ending capital balances at the beginning of the year
e. Answer not given

Problem 2: What is the rule of offset?

a. Loans from partners should be offset against their debit capital balances before they receive any cash distribution.
b. Receivables from partners should be offset against their debit capital balances before they receive any cash distribution.
c. Loans to partners should be offset against their debit capital balances before they receive any cash distribution.
d. Loans from partners should be offset against their credit capital balances before they receive any cash distribution.
e. Answer not given

Reference no: EM132796143

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