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Which statements is correct regarding a partners debit

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Reference no: EM132820216

Problem 1: Which of the following statements is correct regarding a partners' debit capital balances?

A. Partners who absorb another's debit capital balance have a legal claim against the deficient partner.

B. The partner should make contributions to reduce the debit balance to whatever extent possible.

C. All of these statements are correct.

D. If contributions are not possible, the other partners with credit capital balances will be allocated a portion of the debit balance based on their proportionate profit-and-loss-sharing percentages.

Reference no: EM132820216

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