Reference no: EM132744922
Problem 1: Under the Partnership Law, partnership assets are to be distributed to partners in this order:
a. Capital balances, loans, profits
b. Loans, profits, capital balances
c. Loans, capital balances, profits
d. Profits, capital balances, loan
Problem 2: In the installment liquidation of a partnership, the P & L ratio can now be used for cash payments to partners:
a. Anytime
b. Throughout the liquidation process
c. Once the partners' capital balances are in proportion to the profit and loss ratio
d. None of the above
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