Question
A and B formed a universal partnership of all present property. At the time of the establishment of the partnership, A owned a fleet of
A and B formed a universal partnership of all present property. At the time of the establishment of the partnership, A owned a fleet of taxis which he had purchased and an agricultural lot which he had inherited. B, on the otherhand, owned and apartment which he had earlier acquired by exchange and shares of stock which were donated to him. The partners agreed that property acquired by each partner after the formation of the partnership shall belong to the partnership. During the first year of operations of the partnership, the following transaction took place:
a) Fare Revenue of P200,000.oo were realized from the operation of the fleet of taxis;
b) Crops amounting to P100,000.00 were gathered from the agricultural lot;
c)Rentals of P150,000.00 were collected from the apartment; d
)Dividends of P50,000.00 were received from the shares of stock;
e) A coconut plantation was purchased by A from his own funds;
f) Coconuts worth P80, 000.00 were gathered from the coconut plantation;
g) A fishpond was received by B by way of donation from a rich uncle;
h) Fish valued at P70, 000.00 were harvested from the fishpond.
I. Based on the foregoing what property/ies belong to the partnership?
II. Which of them are to be excluded, if there is/are?
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