Solution-Which is not true about doctrine of marshaling

Which is not true about doctrine of marshaling assets

Assignment Help Cost Accounting

Reference no: EM132746516

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: During liquidation, which is not true about Doctrine of Marshaling Assets?

(a) Partnership creditors, other than partners, have priority claims over partnership assets

(b) Partnership creditors can run after the personal assets of a deficient partner if that partner is a general partner and personally solvent

(d) None of the above

Reference no: EM132746516

Questions Cloud

Human behavior and the social environment : Describe a diagnosis appropriate for the client - Communicate in a manner that is scholarly, professional, and consistent with expectations for leaders

Record the journal entries in the records : April 1 Rest Haven Ltd discounted its own 60-day bill of exchange issued out to Commonwealth Bank of Australia. The face value of the bill was $300,000.

Solve the copy department costs allocated to administration : During the year, 2,450,000 for sales and 2,200,000 for administration, calculate the copy department costs allocated to sales and administration.

Discuss how you would divide the property : A young couple is getting divorced. The wife came into the marriage with a home that she inherited from her parents. At the time of the marriage.

Which is not true about doctrine of marshaling assets : During liquidation, which is not true about Doctrine of Marshaling Assets? Partnership creditors, other than partners, have priority claims over partnership

What the partner personal assets should be distributed : When a partner is personally insolvent and has debit capital balance in the partnership, the partner's personal assets should be distributed

Discuss the importance of supervision controls : Discuss the importance of supervision controls in the receiving department and the reasons behind blind fields on the receiving report.

Describe a specified individual''s mental health disorder : Describe a specified individual's mental health disorder and provide the individual's family history as context. This skill is an important component of advance

Which will hold true in case a partner share in loss : Which will hold true in case a partner's share in loss on realization exceeds the partner's capital balance? right of offset will be applied for any "loan"

User Account

All Pages

Which is not true about doctrine of marshaling assets

Reference no: EM132746516

Reference no: EM132746516

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT