Question: If a partner is insolvent, his personal properties shall first be distributed a. to the partners by way additional contributirs whhen the assets of the

  1. If a partner is insolvent, his personal properties shall first be distributed

a. to the partners by way additional contributirs whhen the assets of the partnership were insufficient to settle all obligations.

b. to partnership and seperate creditors in the ratio of their loan exposures.

c. to separate creditors

d. to partnership creditors

what's the letter of the correct answer?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

a Choose the letter of the best answer. To close a partner's drawings account, an entry must be made that: 1. a debits that partner's drawings account and credits Income Summary. b. debits that...

Q:

Choose the letter of the best answer. To close a partner's drawings account, an entry must be made that: c. 1. debits that partner's drawings account and credits Income Summary. 6. debits that...

Q:

Multiple Choice 1. If a partner is insolvent, his personal properties shall first be distributed a. to partnership creditors. b to the partners by way of additional contributions when the assets of...

Q:

SCORE: PROFESSOR: NAME: SECTION: Multiple Choice 1. If a partner is insolvent, his personal properties shall first be distributed to the partners by way of additional contributions when the assets of...

Q:

The admission of a new partner a. does not have an effect on the capital balances of the original partners b. will decrease the capital balances of the original partners. c. will increase the capital...

Q:

Answer the last page of the picture, The CASE PROBLEM. 3. any remaining amount is cistributed to the owners. Liquidation may be either voluntary (e.g.. per agreement of partners of a solvent...

Q:

Problem Solving (15 points) 1. Draper and Becker decide to organize a partnership. Draper invests P25,000 cash, and Becker contributes P5,000 and equipment having a book value of P7,000 and a fair...

Q:

Problem Solving (15 points) 1. Draper and Becker decide to organize a partnership. Draper invests P25,000 cash, and Becker contributes P5,000 and equipment having a book value of P7,000 and a fair...

Q:

Because it is important for accountants to demonstrate the filing requirements for specialized tax returns, for this final project you will be completing a partnership tax return. Key Component: Use...

Q:

Based on attached excel financials complete the attached 1065 and answer the 3 questions at the end. 1065 Form Department of the Treasury Internal Revenue Service U.S. Return of Partnership Income...

Q:

Regional economic integration and multinational agreements in place help companies in pursuing and develop a transnational strategy. Do you agree with this statement? Why? Why not?

Q:

Which statement is not true about protected leave under the FMLA regulation? (Tallys Tanks is subject to FMLA.) a. Employees can opt for a reduced workweek rather than a period of leave b. Employees...

Q:

Differentiate the function. y = 2 square root x + 7 x / 8 x ^ 2

Q:

(1 pts) 10) Below is a simple theoretical model that proposes a hypothesis concerning the relationship between TV Violence and Fear of Victimization. What is the independent variable in this model?...

Q:

13. Try to imagine how you would feel if you had tackled the problem, the con-flict, the challenge, etc., that made you powerless in task 12, for example upstairs, confident, confident, calm,...

Q:

15. Ask yourself the following questions: What do you want to remember from your everyday experiences? These are the experiences that fill most of your life. They may take 9099% of your time. What do...

Q:

What reward will you give yourself when you achieve this?