Reference no: EM132746515
Problem 1: When a partner is personally insolvent and has debit capital balance in the partnership, the partner's personal assets should be distributed:
(a) To personal creditors in full
(b) Proportionally to personal and partnership creditors
(c) Proportionally to personal creditors and to other partners with credit balances
(d) To partnership creditors first for the debit capital balance, then to personal creditors
(e) None of the above
Problem 2: The rule of offset states that "before the partners receive any cash distribution..."
(a) Loans from partners should be offset against their debit capital balances
(b) Receivables from partners should be offset against their debit capital balances
(c) Loans to partners should be offset against their debit capital balances
(d) Loans from partners should be offset against their credit capital balances
(e) None of the above
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