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The Partners' Income and Loss Sharing Ratio Is 2:3:5 Respectively

Question 106

Multiple Choice

The partners' income and loss sharing ratio is 2:3:5 respectively. The partners' income and loss sharing ratio is 2:3:5 respectively.   If the CHENARD JENNINGS and BLAIR Partnership is liquidated and the noncash assets are worthless the creditors will look to what partner's personal assets for settlement of the creditors' claims? A)  The personal assets of Partner JENNINGS. B)  The personal assets of Partners CHENARD and BLAIR. C)  The personal assets of Partners CHENARD JENNINGS and BLAIR. D)  The personal assets of the partners are not available for partnership debts. If the CHENARD JENNINGS and BLAIR Partnership is liquidated and the noncash assets are worthless the creditors will look to what partner's personal assets for settlement of the creditors' claims?


A) The personal assets of Partner JENNINGS.
B) The personal assets of Partners CHENARD and BLAIR.
C) The personal assets of Partners CHENARD JENNINGS and BLAIR.
D) The personal assets of the partners are not available for partnership debts.

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