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Problem 1: A partnership is considered legally insolvent when:
(a) Partnership assets are insufficient to pay partnership obligations
(b) Partnership assets are insufficient to pay partnership obligations and at least 1 partner is personally insolvent
(c) The sum of the assets of the partnership is insufficient to pay the sum of the obligations of the partnership and all partners are personally insolvent
(d) None of the above
Problem 2: 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
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