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Which partnership assets are to be distributed to partners

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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

Reference no: EM132744922

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