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Which the maximum loss a partnership can realize is the

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Reference no: EM132796147

Question 1: During liquidation, a partner's capital balance drops below zero. What should happen?

a. The other partners should file a legal suit against the partner with the deficit capital balance.
b. The partner with the highest capital balance should contribute sufficient assets to eliminate the deficit.
c. The deficit balance should be removed from the accounting records with only the remaining partners sharing in future gains and losses.
d. The partner with a deficit should contribute enough assets to offset the deficit balance if the partner is solvent and is a general partner.
e. Answer not given.

Question 2: If all the liabilities have been paid, and no additional expenses are expected, the maximum loss a partnership can realize is the:

a. Fair market value of the non-cash assets.
b. Book value of the non-cash assets.
c. Book value of the non-cash assets plus the recorded liabilities.
d. Fair market value or the book value of the noncash assets, whichever is larger.
e. Answer not given

Reference no: EM132796147

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