P, Q, R, S, and T formed a partnership for the importation and distribution of electronic gadgets. P, Q, and R contributed PhP500,000, PhP400,000, and PhP100,000, respectively. S and T were industrial partners. It was agreed that S and T shall get 15% and 10%, respectively, from the partnership profits. By unanimous vote of the partners, Q and T were appointed managing partners without any specification of their respective duties.

 

The partnership loaned PhP1.5 Million from VV. Upon default of payment, VV sued the partnership for the collection of sum of money, including interest and damages, of PhP2 Million. VV won the case. At the time of the execution of the decision, the partnership property amounted only to PhP500,000.

 

If all the partners decided to dissolve the partnership due to insolvency, distribute the losses among the partners.

P=

Q=

R=

S=

T=

 

2. P, Q, R, S, and T formed a partnership for the importation and distribution of electronic gadgets. P, Q, and R contributed PhP500,000, PhP400,000, and PhP100,000, respectively. S and T were industrial partners. It was agreed that S and T shall get 15% and 10%, respectively, from the partnership profits. By unanimous vote of the partners, Q and T were appointed managing partners without any specification of their respective duties.

 

If on dissolution, the partnership property amounted to PhP1,000,000. The partnership owed XX PhP200,000; YY PhP300,000; and Q PhP100,000.

 

Distribute the profits or losses.

P=

Q=

R=

S=

T=

 

3. P, Q, R, S, and T formed a partnership for the importation and distribution of electronic gadgets. P, Q, and R contributed PhP500,000, PhP400,000, and PhP100,000, respectively. S and T were industrial partners. It was agreed that S and T shall get 15% and 10%, respectively, from the partnership profits. By unanimous vote of the partners, Q and T were appointed managing partners without any specification of their respective duties.

 

The partnership loaned PhP 1.5 Million from VV. Upon default of payment, VV sued the partnership for the collection of sum of money, including interest and damages, of PhP 2 Million. VV won the case. At the time of execution of the decision, the partnership property amounted only to PhP 500,000.

 

Determine the liability of each partner.

P=

Q=

R=

S=

T=

 

Answer rating: 100% (QA)

1 To distribute the losses among the partners we need to calculate their liabilities based on their contributions and profitsharing ratios Total Capital Contribution P PhP500000 Q PhP400000 R PhP10000... View the full answer