Select the best answer. Choose A if the first statement is the only correct answer. B if the second statement is the only correct answer. C if both statements are correct and D if both statements are incorrect 1. 1st - A is a general partner of CBA limited partnership. The capital investments of B. a limited partner, can be used to settle partnership liability. 2nd -A is a general partner of CBA general partnership. The personal assets of B, a limited partner, cannot be used to settle remaining partnership liability." 2. 1st-A is a general partner of CBA limited partnership. The personal assets of 8, a limited partner, cannot be used to settle the remaining partnership liability. 2nd-A is a general partner of CBA general partnership. The partnership assets will be used in the following order those owing to outside creditors, those owing to inside creditors to owing to partners with respect to capital contributions, and lastly to partners with respect to share of profits. 3. 1st When realization of non-cash assets resulted to a profit, the insolvent partner who is not deficit, will not receive any amount of capital from final settlement to partners. 2nd-Before liquidation of CBA partnership, the capital balances are P300,000, 200,000 and P100.000, respectively, and share profits and losses in the ratio 5:41. A, an insolvent partner, will receive last among the partners. 4. 1st - Before liquidation of CBA partnership, the capital balances are P300,000, 200,000 and P100,000, respectively, and share profits and losses in the ratio 5:411. As final settlement, both C and A will receive P50,000 each. 2nd-Before liquidation of CBA partnership, the capital balances are P300,000, 200,000 and P100,000, respectively, and share profits and losses in the ratio 5:41. As final settlement if C received P60,000, B will receive P8,000