Reference no: EM132812773
Problem 1: A partnership is considered to be insolvent when
a. at least one partner is insolvent
b. at least one partner's capital account has a debit balance
c. its liabilities exceed its assets
d. its liabilities and partners' capital accounts exceed its assets
Problem 2: The entry to record the exercise of the right of offset is to:
a. Debit partner's loan account and credit partner's capital
b. Debit partner's capital and credit partner's loan account
c. No entry
d. Credit partner's capital and debit cash
Problem 3: When a partner is personally solvent and has a debit balance in his or her partnership capital account, the personal assets should be distributed as follows:
a. To the personal creditors in full payment of their claims first, to the partnership creditors second, and to the other partners last
b. Proportionally to the personal and partnership creditors
c. To the partnership creditors first to the extent of the debit balance and to the personal creditors second
d. Proportionally to the personal creditors and the other partners with credit balances
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