Quiz on PARTNERSHIP CHAPTER 1 TO 4

28. Using the preceding number, assuming that CAB enterprises was unable to pay the loan on due date
at which time the assets of the partnership amounted only to 120,000. From whom may E collect the
payment?

Answer: CAB Enterprises for its assets of 120,000 thereafter A, B, C and D from their separate assets at
7,500 each.

29. A, B, and C, capitalist partners, each contributed 10,000 and D, the industrial partner contributed his
services. Suppose x is the creditor of the firm amounting to 90,000. After getting the 30,000 capital
assets of the partnership, which is correct?

Answer: X can recover 15,000 each from A, B, C and D

30. A, B, and C, are capitalist partners, each contribute to 10,000. After exhausting the assets of the firm,
the firm's indebtedness amounts to 90,000 would be exempted from liability which is correct?

Answer: The predators may collect 30,000 each from A, B, and C

31. A, B, and C our partners each contributing 10,000. It was stipulated that A would be exempted from
liability. Assuming is still in the first which of the following is not correct?

Answer: the creditors can recover 45,000 each from B and C

32. A, a managing partner is B's creditor to the amount of 1,000 already demandable. B also owes the
partnership 1000, also demandable. A collects 1000 from B. One is not correct.

Answer: if A gives a receipt for his own credit, it is A's credit that has been collected.

33. A and B are equal partners in AB partnership by contributing 50,000 each on June 1, 2010. On July 1,
2010, The partnership contracted an obligation to pay Z the amount of 180,000 on August 31, 2010. On
August 10, 2010, C was admitted as a new partner. C contributed 50,000. How will the obligation be
paid?

Answer: A 65,000; B 65,000; C 50,000

34. A, B, and C are equal partners in ABC partnership. On April 29, 2011, C died. Not knowing that C is
dead, on May 2, 2011, A contracted eliability to D who also did not know about the death of C. The
liability is 90,000. After D exhausted the net assets of the partnership in the amount of 60,000, he can
collect:

Answer: 10,000 from the estate of C, 10,000 from A, and 10,000 from B

35. A, B, and C are partners. Their contributions are as follows: A, 60,000; B, 40,000; and C, services. The
partners agreed to divide profits and losses in the following proportions: A, 35%; B, 25%;and C 40%. If
there is a loss of 10,000, how should the said loss be shared by the partners?
Answer: A 3500, B 2500, and C 4000

36. Using the preceding number but the partners did not agree on how to divide profits and losses. If
there is a loss of 10,000, how should the said loss be shared by the partners?

Answer: A 6000, B 4000, C nothing

37. A, B, and C our partners in ABC co. D owes the partnership 4,500. A, a partner, received from D share
of $1,500 ahead of partners B and C, giving D a receipt for his share only. When B and C were collecting
from D, the latter was already insolvent. Which of the following is correct?

Answer: partner A can be required to share the 1,500 with B and C