$11.$ The first step in the liquidation process is to:

a$)$ convert noncash assets into cash.

b$)$ pay partnership creditors

c$)$ compute any net income $($loss$)$ up to the date of dissolution.

d$)$ allocate any gains or losses to the partners.

$12.$ If a partner with a debit capital balance during liquidation is personally solvent, the:

a$)$ partner must invest additional assets in the partnership. b$)$ partner's debit balance will be allocated to the other partners.

$13.$ Which of the following statements is correct?

a$)$ Personal creditors have first claim on partnership assets.

b$)$ Partnership creditors have first claim on partnership assets.

c$)$ Partnership creditors have first claim on personal assets.

d$)$ Partnership creditors have first claim on partnership assets; and partnership creditors have first claim

on personal assets.