Question: CP are capitalist partners while IP is industrial partner, who in addition to his services also contributed capital to the partnership. There is no agreement

CP are capitalist partners while IP is industrial partner, who in addition to his services also contributed capital to the partnership. There is no agreement as to the profits and losses. The partnership realized profit in the amount of P21,000.00. The share of IP as CP in the profits shall be:

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

1.CP are capitalist partners while IP is industrial partner, who in addition to his services also contributed capital to the partnership. There is no agreement as to the profits and losses. The...

Part 1 Instruction: Answer the following: What will be the effect if the capitalist partner engages in the same kind of business without a stipulation allowing him to engage in that business? B and...

1. The partners contribute all the property which actually belongs to them to a common fund, with all the intention of dividing the same among themselves, as well as all the profits which they may...

21. Statement I: As a rule, an industrial partner cannot engage in business himself, unless permitted by other partners. Statement II: If an industrial partner engages in a business similar to the...

63. A, B and C are partners in a partnership with each contributing P100,000 each. D is admitted as a new partner with a contribution of P50,000. At the time of his admission, the partnership has a...

business law2 in the Philippines, answer the following I - MULTIPLE CHOICE QUESTIONS 1. They have priority if the partnership is insolvent: a. Separate creditors c. Both A and B b. Partnership...

10. able The equity of a partner in the net assets of the partnership is not the same as the partner's share in profits or losses. It is possible for a partner's capital account to increase as a...

Hello, can you please answer this multiple choice questions. thank you 1. Two (2) individuals with businesses formed a partnership. At what values should their non-cash assets be recorded in the...

Problem Solving (15 points) 1. Draper and Becker decide to organize a partnership. Draper invests P25,000 cash, and Becker contributes P5,000 and equipment having a book value of P7,000 and a fair...

Andy landscaped his friends house in return for a couch set and an HD television worth $8,000. How much income must Andy report on his tax return for his services?

Perpetuum Mobile Inc. is an all-equity firm that generates $6m in annual after-tax cash flows that are expected to remain constant forever. It's cost of capital is currently 11%. The firm is planning...

Which of the following assumptions is embodied in the AFN equation? Question 5 options: 1 ) Accounts payable and accruals are tied directly to sales. 2 ) Common stock and long - term debt are tied...

Mr. Nguyen has decided to divide $775 among his three daughters. If the oldest gets twice as much as the youngest, and the middle daughter gets $35 more than the youngest, how much does each child...

Below are several situations that can be described using exponential grow or decay by a constant percentage over equal periods of time. For each 8-128. situation (a) through (d): What is an...

Write the function of each in the space provided below: Organelle Function Cytoplasm Nucleus Nucleolus (inside nucleus)

Establish the ff. and indicate the identities used tan? a + sec a +1 18. tan a + sin a tan a + cot a

Complete the text with the missing words: comparisons was tre used to scene present imperfect describe past The tense means used to, or were doing. You often use the imperfect tense to what your life...

Write a program to wish happy birthday to a student. Firstly, take today month and day as an input and secondly take birthday as an input in the form of month and day. If the input day and month...

1. Think of a situation in the workplace where you meet a person for the first time, which you know you will have a lot to do with in the future. a. Name three things about yourself that you will try...

3. List four points that you think are important to give the individual attention, when he or she is going to sell an argument or an idea to you.

4. Think of a situation where you would convince someone of an argument or an idea you had. a. What feelings did you want the other person to be left with when you finished? b. When you think about...