X owed A $20,000 personally and the partnership $60,000. When X paid A $20,000, the receipt was applied to A's personal debt, not the partnership's.
All of the listed elements - contribution, intention to divide profits, and valid agreement - are essential to establishing a partnership.
When a new partner C was admitted, the partnership owed creditors M $50,000 and N $30,000. Later debts to O and P cannot be collected from new partner C's separate property, but M and N can collect remaining claims from the original partners A and B's separate property.
X owed A $20,000 personally and the partnership $60,000. When X paid A $20,000, the receipt was applied to A's personal debt, not the partnership's.
All of the listed elements - contribution, intention to divide profits, and valid agreement - are essential to establishing a partnership.
When a new partner C was admitted, the partnership owed creditors M $50,000 and N $30,000. Later debts to O and P cannot be collected from new partner C's separate property, but M and N can collect remaining claims from the original partners A and B's separate property.
X owed A $20,000 personally and the partnership $60,000. When X paid A $20,000, the receipt was applied to A's personal debt, not the partnership's.
All of the listed elements - contribution, intention to divide profits, and valid agreement - are essential to establishing a partnership.
When a new partner C was admitted, the partnership owed creditors M $50,000 and N $30,000. Later debts to O and P cannot be collected from new partner C's separate property, but M and N can collect remaining claims from the original partners A and B's separate property.
X owed A $20,000 personally and the partnership $60,000. When X paid A $20,000, the receipt was applied to A's personal debt, not the partnership's.
All of the listed elements - contribution, intention to divide profits, and valid agreement - are essential to establishing a partnership.
When a new partner C was admitted, the partnership owed creditors M $50,000 and N $30,000. Later debts to O and P cannot be collected from new partner C's separate property, but M and N can collect remaining claims from the original partners A and B's separate property.
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58. A is the managing partner of A and Company.
X is indebted to A for P20,000 and to the
partnership for P60,000. When both debts mature, X pays A P20,000 and the latter issues a receipt for his personal credit. The payment for P20,000 shall be applied: A. ¼ in favor of A and ¾ in favor of the partnership B. To the whole debt owing to A C. ½ in favor of A and ½ in favor of the partnership D. To the debt owing to the partnership 59. Which of the following is an essential element of partnership? A. There must be a contribution of money, property, or industry to a common fund. B. It must an association for profit with the intention to divide the profits among themselves. C. There must be a valid and voluntary agreement. D. All of the above. 60. A and B are partners. On June 15, 2009 when the total obligation of the partnership totaled P80,000. C was admitted as new partner. At the time C’s admission, the partnership creditors were M for P50,000 and N for P30,000. After June 15, the partnership borrowed from O P20,000 and P40,000 from P. On December 15, 2009, the partnership became insolvent leaving an obligation totaling P140,000 and partnership assets amounting to P30,000. The creditors are going after the separate properties of the partners to satisfy their remaining claims. How are the creditors’ claims satisfied? Answer 1 - M and N can go after the separate properties of A and B but C’s separates properties are not answerable to their claims. Answer 2 – O and P can go after the separate properties of A, B and C. A. Both answers are wrong B. Answer 2 is wrong but answer 1 is correct C. Both answers are correct D. Answer 2 is correct but answer 1 is wron
