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When a partnership is said to be insolvent

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Reference no: EM132744892

Problem 1: A partnership is said to be insolvent when

a. At least one partner is insolvent

b. At least one partner's capital account has a credit balance

c. Its liabilities exceed its assets

d. Its assets exceeded its liabilities

Problem 2: Assets need to be reappraised when

a. a new partner is admitted to the partnership through purchase of interest,

b. a partner leaves the partnership.

c. profits and losses are being distributed.

d. the partnership is liquidated

Reference no: EM132744892

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