29. A partnership suffered losses in the first year of d. P1,000 should be applied to the indebtedness of its operation. A, a capitalist partner, cannot D to the partnership and P2,000 to the contribute an additional share to the capital indebtedness of D to A. because of insolvency. Can A be obliged to sell his interest to the other partners on the ground of such 33. A, B, C and D partners. Their contributions are refusal? as follows: A, P50,000, B, P30,000; C, P20,000, D a. Yes, A's refusal contribute to additional share services. The partnership incurred obligations to reflects his lack of interest in the continuance of third persons which the firm was unable to pay. the partnership. After exhausting the assets of the partnership, b. No, because there is actually no imminent loss of there still is unpaid balance of P10,000 to E. Who the business are liable to E for the payment of the unpaid C. Yes, provided that A is paid the value of his balance of P10,000 and how much should each pay interest to e? d. No, because his refusal is justifiable a. A, P5000; B, P3000; C, P2000; D nothing b. A, P4000; B, P3000; C, P2000; D, P1000 30. Which of the following is considered prime C. A, P2500; B, P2500; C, P2500; D, P2500 facie evidence of the existence of a partnership? d. A, P4000; B, P4000; C, P2000 and Q nothing A. Where payment of interest on a loan depends on the profit of the business 34. One or more but less than all the partners have b. The receipt by a person of a share in the profits no authority to perform the following acts, except: C. The sharing of gross returns of a business a. Do any act which would make it impossible to d. Where the parties are established as co- owners carry on the ordinary business of the partnership. of property. b. Submit a partnership claim or liability to arbitration 31. A and B are partners, with A as the managing C. Renounce a claim of the partnership partner. D is indebted to A in the amount of d. Convey partnership property in the ordinary P10,000 and to the partnership in the amount of course of partnership business P5,000. Both debts are due and demandable. D paid A P3,000. A issued to D a receipt in his own 35. Three of the following are rights of a partner. name. How should the amount of P3,000 be Which one (1) is not/ applied? a. Right to associate another person to his share a. The P3,000 should be applied to the b. Right to admit another partner indebtedness of D to A C. Right to inspect and copy partnership books b. The P3,000 should be applied to the d. Right to ask dissolution of the firm at the proper indebtedness of D to the partnership time C. P2,000 should be applied to the indebtedness of D to the partnership and P1,000 to the indebtedness of D to A d. P1,000 should be applied to the indebtedness of D to the partnership of D to the partnership and P2,000 to the indebtedness of D to A. 32. Using the preceding no. but A issued to D a receipt in the name of the partnership. How should the payment of P3,000 be applied? a. The P3,000 should be applied to the indebtedness of D to A. b. The P3,000 should be applied to the indebtedness of D to the partnership. C. P2,000 should be applied to the indebtedness of D to the partnership and p1,000 to the indebtedness of D to A