Question: 2. After operating for some time as a limited partnership, X & Co., composed of A, B, and C, as general partners, who contributed P30,000
2. After operating for some time as a limited partnership, X & Co., composed of A, B, and C, as general partners, who contributed P30,000 each and D and E, as limited partners, who contributed P20,000 each, has a total assets of P150,000 and the following liabilities:(1) For return of contributions of limited partners (D and E) P40,000(2) Due to third party credits 50,000(3) For loan extended by C 25,000(4) For loan extended by D 35,000(5) For taxes 15,000(6) For indemnity to B for damages suffered in consequence of management 5,000TOTAL P170,000May E legally demand the return of his contribution, assuming that all the partners have given their consent and are willing to have the certificate amended as to set forth the withdrawal?

2. After operating for some time as a limited partnership, X & Co., composed of A, B, and C, as general partners, who contributed P30,000 each and D and E, as limited partners, who contributed P20,000 each, has a total assets of P150,000 and the following liabilities: (1) For return of contributions of limited partners (D and E) P40,000 (2) Due to third party credits 50,000 (3) For loan extended by C 25,000 (4) For loan extended by D 35,000 (5) For taxes 15,000 (6) For indemnity to B for damages suffered in consequence of management 5,000 TOTAL P170,000 May E legally demand the return of his contribution, assuming that all the partners have given their consent and are willing to have the certificate amended as to set forth the withdrawal
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
