A, B, and C are partners in Y Partnership limited with A and B as general partners

Fantastic news! We've Found the answer you've been seeking!

Question:

A, B, and C are partners in Y Partnership limited with A and B as general partners and C as a limited partner, each contributing P10,000. The partnership incurred an obligation to X , a stranger, for P12,000 and to C, the limited partner for P6,000.

Upon dissolution, the partnership estate amounts to P203,000, a parcel of land valued at P200,000 and P3,000 cash.

Question 1 : If X and C will proceed against the partnership, with respect to the P3,000 cash, who will be paid first?

Question 2: Supposing the partnership is insolvent, that is no parcel of land but only cash of P3,000. Who will be paid first?

Question 3: Supposing C is a general partner and it is a general partnership, the partnership is solvent, who will be paid first?

Posted Date: Nov 23, 2021 10:55 PM

See More Questions

If r = bt2i + Ct3j, where b and c are positive constants, when does the velocity vector make an angle of 45.00 with the x and y- axes?
A tract of land valued at $50,000 has been given to a corporation on July 31, 2016 in exchange for 1,000 preferred shares. Required: 1. Prepare the journal entry to record the transaction. 2. Where...
A company that manufactures three products a b and c requires two raw materials - labor and material - need to determine the optimal production that maximizes its total profit. A linear program was...
How do tax rules affect accounting rules and practice in some countries?
Complete the following chart by inserting a check mark (v) for each statement that istrue. Cash dividendStock dividend Stock split Decreases retained earnings Has no effect on a liability Increases...
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A. Instructions (a) Based on the information contained in...
Advanced Systems is a new company that will produce a line of high-quality wood computer desks. The companys management is working on its accounting system and has prepared the following policy for...
The Metro Police Department has partitioned the city into four quadrants. The department has 20 police patrol cars available for each shift per day to assign to the quadrants. The department wants to...
Ed Jones, the investment manager for ABC Insurance Company, explained to senior management that he was 95 percent sure that the $100,000,000 investment portfolio could not lose more than $2,300,000...
a. An analysis of WTI s insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end. c. Annual...
Rohit can consistently throw a 0.200-kg ball at a speed of 12.0 m/s. On one such throw, Rohit throws the ball straight upward and it passes the top of a flagpole when it is 6.00 m above the ball's...
The table lists the smoking habits of a group of college students. Non-smoker Regular Smoker | Heavy Smoker Total 135 Sex Man Woman 187 Total 322 428 47 21 68 559 187 213 10 400 a. If a student is...
Translate into algebraic symbol: Sum of the digits of a two -digit number if the tens digit is 2 less than the units digit x (x+2)+x (x-2)+x x-2 x+2.
The length of a rectangle is 3 times the width, and the perimeter is 22. Find the dimensions of the rectangle. Write the solution as decimals.
A box of mass 95.000 kg is attached to a spring with spring constant 720.000 N/m. There is negligible friction. As the box oscillates around its equilibrium position a stop watch is started at an end...
Lime company purchased 200 units for $30 each on January 31. It purchased 200 units for $40 each on February 28. It sold a total of 270 units for $100 each from March 1 through December 31. If the...
You will require $800 in 5 years. If you earn 8% interest on your funds, how much will you need to invest today in order to reach your savings goal?
The following information is for Montreal Gloves Inc. for the year 2020: Manufacturing costs Number of gloves manufactured Beginning inventory $ 3,016,700 311,000 pairs 0 pairs Sales in 2020 were...
On December 31, 2017, Phillip (Appendix 10A) Company issued $\$ 600,000$ of ten-year, nine percent bonds payable for $\$ 496,771$, yielding an effective interest rate of twelve percent. Interest...
On December 31, 2017, Karen Company issued $\$ 400,000$ of 10 -year, ten percent bonds payable for $\$ 454,361$, yielding an effective interest rate of eight percent. Interest is payable...
On January 1, Lorraine, Inc., entered into a lease contract. The lease contract was a ten-year lease for a computer with $\$ 15,000$ annual lease payments due at the end of each year. Lorraine took...

A, B, and C are partners in Y Partnership limited with A and B as general partners

Question:

Expert Answer:

DISSOLUTION OF A PARTNERSHIP FIRM The dissolution of partnership between all the partners of a firm ... View the full answer

Students also viewed these accounting questions