Question 6: Signify TRUE or FALSE as applicable for each of the following items as they pertain to the liquidation of a general partnership.

a. Gains and losses from the sale of non-cash assets are allocated to partners based on the income and loss sharing agreement.

b. Partners must be paid for any salary and interest allowances prior to partnership liabilities being paid off.

c. Partners with capital deficiencies are required by law to cover the deficiencies.

d. Capital deficiencies do not affect the amount of cash distributed to each non-deficient partner upon liquidation.

e. Any cash remaining after all obligations have been settled is distributed to partners based on the income and loss sharing agreement.