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

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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

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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.

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