I am looking to use this setup , where i loop XLR from the KB-702 to the RS-701
Yes the XLR sockets on the KB-702 are parallel together. Therefore the power going to the KB-702 will be passed over to the RS-702
in this setup the KB702
will talk to the LQ connection via chnl A
will talk to the RS-701 separately via chnl B
The LQ will be using local power
see Can the LQ-2W2 unit drive more PL beltpacks using a bigger PSU
see Partyline: How much current do the RM-704 and KB-702 panels draw?