20. A, managing partner is B's creditor to the The partners agreed to divide profits and losses in amount of P1,000 already demandable. B also the following proportions: A, 35%, B, 25% and C owes the partnership P1,000, also demandable. A 40%. If there is a loss of P10.000, how should the collects P1,000 from B. One is not correct. said loss be shared by the partners? a. If A gives a receipt for the partnership it is the a. A, P6,000, B, P40,000, C, nothing partnership's credit that has been collected b. A, P3,500, B, P3,500, C, P3,000 b. If A gives a receipt for his own credit, it is A's C. A, P 3,000, B, P2,000, C, P5,000 credit that has been collected d. A, P3,5000, B, P2,500, C, P4,000 C. If A gives a receipt for his own credit, P500 will be given to him, P500 to the partnership 25. Using the preceding no., but the partners did not d. B may decide that he is paying only A's credit if agree on how to divide profits and losses. If there is the personal credit of A is more onerous to B. a loss of P10,000, how should the said loss be shared by the partners? 21. The remedy of capitalist partners against an a. A, 6,000; BP4,000, C nothing industrial partner who engaged in a business for b. AP3,500;B P3,500; C P3,000 himself without the expressed permission from the C. A, P3,000; B, P2,000; C, P5,000 partnership is d. A, P3,500, B, P2,500; C, P4,000 a. Jo compel him to sell his interest to the said capitalist partners 26. When the manner of management has not been b. To exclude him from sharing in the profits of the agreed upon, who shall manage the affairs of the partnership partnership? C. To remove him as manager if he appointed as a. Capitalist partners manager of the partnership on August 31, 2010. b. Capitalist- industrialist partners e. To expel him from the partnership and claim for c. Industrial partners damages d. All of the partners 22. A and B are equal partners in AB Partnership by 27. A, B, and C are partners in a partnership contributing P50,000 each on June 1, 2010. On business. A contributed P10,000, B contributed July1, 2010, the partnership contracted an P5,000 and C his services only. After payment of obligation to pay Z the amount of P18,000. On partnership debts, what remains of the partnership August 10,2010, C was admitted as a new partner. assets is P6,000 only. In the absence of stipulation C contributed P50,000. How will the obligation be to the contrary, the share of C will be equal to: paid? a. That of A a. A P60,000, B P60,000, C P60,000 b. P2,000 b. A P180,000, B P180,000 and C P50,000 c. That of B C. A P90,000, B P90,000, C None d. Nothing d. A P65,000, B P65,000, C P50,000 28. A, B, C are partners in ABC Co. D owes the 23. A, B and C are equal partners in ABC partnership P4,500. A, a partner, received from D a Partnership. On April 29, 2011, C died. Not knowing share of P1,500 ahead of partners B and C, giving D that C is dead, on May 2,2011, A contracted a a receipt for his share only. When B and C were liabilityto D who also did not know about the death collecting from d, the latter was already insolvent. of C. The liability is P900,000. After D exhausted Which of the following is correct? the net assets of the partnership in the amount of a. Partner A can be required to share the P1,500 P60,000, he can collect with B and C a.P30,000 from A or P30,000 from B b. A cannot be required to share the P1,500 with B b. P15,000 from A and P15,000 from B and C c. P10,000 from the estate of C, P10,000 from A C. B and C should automatically exhaust first all and P10,000 from B remedies to collect from D. d. P30,000 from te estate of C or P30,000 from B or d. B and C can automatically deduct from the P30,000 from C capital contribution of A in the partnership, their respective share in the P1,500 24. A, Band C are partners. Their contributions are as follows. A, P60,000, B, P40,000, and C services