A, B and C all are capitalist partners, form a partnership and agree to have a total contributed capital of P30,000. However, the partners failed to agree as to the extent of their respective share in the capital contribution. In this case, which of the following statement is not correct:

Group of answer choices

The partnership contract is void because there is no agreement as to the capital contribution of each partner.

If A, B and C mutually agreed that partner A will be excluded from the share in the losses, such agreement is void.

If A, B and C failed to stipulate on how to distribute profit and loss, the profit and loss will be distributed equally between them.

A, B and C must contribute P10,000 each to the partnership.

Flag question: Question 12

Question 121 pts

PATOK Enterprises, a partnership engaged in the business of renting out video films, is owned by Patricia, Alice, Tina, Olga, and Kaye, with Olga and Kaye as the managers. Diana owes PATOK Enterprises P6,000.00 and Olga, P4,000.00. Both debts are unsecured and are already due. Diana pays Olga P4,000.00 for which Olga issues her own receipt.

Group of answer choices

The payment should be divided proportionately between PATOK and Olga, at P2,400.00 and P1,600.00, respectively.

The payment should be divided equally between PATOK and Olga at P2.000.00 each.

The payment should be applied to PATOK's credit only.

The payment should be applied to Olga's credit only.

Flag question: Question 13

Question 131 pts

Which of the following stipulations is valid?

Group of answer choices

A stipulation exempting a capitalist partner from losses.

A stipulation excluding an industrial partner from profits.

A stipulation exempting an industrial partner from losses.

A stipulation excluding a capitalist partner from profits.

Flag question: Question 14

Question 141 pts

A, B, C and D are partners where A, B, and C contributed P1,000,000 each and D his services. The partnership is engaged in the manufacture and export of garments. Due to a very strong typhoon, the entire roofing of the factory was blown by the strong winds and if not repaired immediately would aggravate the damage. A, B, C and D agreed on an additional contribution of P200,000 each in order to save the business from imminent loss. Which of these is the correct statement?

Group of answer choices

If A no longer has money, he can be complied to sell his interest in the partnership to the other partners.

If C still has money, but refuses to make the contribution, he can be compelled to sell his interest in the partnership to the other partners.

D is duty bound to contribute 20% more of his time to the business of the partnership.

B can question the decision because he did not vote for the additional contribution.

Flag question: Question 15

Question 151 pts

Three (3) of the following are rights of a partner. Which one (1) is not? (Phil CPA, 90-1)

Group of answer choices

Right to ask dissolution of the firm at the proper time.

Right to admit another partner.

Right to associate another person to his share.

Right to inspect and copy partnership book.

Flag question: Question 16

Question 161 pts

Bears the loss of property contributed to the partnership. (Phil CPA, 89-1)

Group of answer choices

Answer not given

Capitalist partner

Limited partner

Partners contributing usufructuary rights.

Flag question: Question 17

Question 171 pts

A, B, and C are general partners in ABC Partnership. D is a debtor to the partnership in the amount of P15,000. A received from debtor D the sum of P5,000 and issued a receipt identifying the amount as his share. Then D become insolvent, B and C cannot collect the P10,000. (Phil CPA, 88-1-M; 92-1; 96-1-M)

Group of answer choices

B and C can charge the capital of A with their share of the P5,000.

A can be compelled to share B and C with the P5,000.

A cannot be compelled to share the P5,000 with B and C.

B and C should automatically sue D to collect the P10,000.

Flag question: Question 18

Question 181 pts

The following statements pertain either to a partner appointed manager in the articles of partnership or through a document after the formation of the partnership. I. He may be removed as manager only for a just or lawful cause by the vote of the partners owning the controlling interest. II. He may be removed as manager with or without just or lawful cause by the vote of the partner owing the controlling interest. III. He may perform all acts of administrator despite the opposition of his partners provided he is in good faith. IV. He may perform all acts of administration in good faith but opposing partners may resort to his removal if he persists. Based on the foregoing:

Group of answer choices

I and III pertain to a partner appointed as manager in the articles of partnership.

I and IV pertain to a partner appointed as manager in the articles of partnership

II and III pertain to a partner appointed through a document after the formation of the partnership.

I and III pertain to a partner appointed as manager through a document after the formation of the partnership