Which of the following statements is (are) true?I. In the calculation of the loss absorption potential for a partner, a partner's loan balance (an amount that is owed by the partnership) should be added to the partner's capital balance. II. In liquidation, a partner's loan balance (an amount that is owed by the partnership) should be paid to the partner as a creditor of the partnership after the outside creditors.
A. Both I and II
B. I only
C. Neither I nor II
D. II only
Answer: A
Business
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