Question: True or False. Explain your answer. D (debtor) owes MP (managing partner) 100K. D also owes P (partnership) the sum of 100K. Both debts are

True or False. Explain your answer.

D (debtor) owes MP (managing partner) 100K. D also owes P (partnership) the sum of 100K. Both debts are due and demandable. MP collected 100K from D. If MP received the amount and issued a receipt for the partnership, the payment is considered payment for the firm. If MP issued a receipt for his own credit alone, he will be entitled to the entire amount he received (100K).

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