FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A, B, C and D are partners. Their contributions are as follows: A, P50,000; B, P30,000; C, P20,000; D, services. The partnership incurred obligations to

A, B, C and D are partners. Their contributions are as follows: A, P50,000; B, P30,000; C, P20,000; D, services. The partnership incurred obligations to third persons which the firm was unable to pay. After exhausting the assets of the partnership, there still unpaid balance of P10,000. Who are liable for the payment of the unpaid balance of P10,000? How much each?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management And Cost Accounting

Management And Cost Accounting

Authors: Mike Tayles, Colin Drury

11th Edition

147377361X, 978-1473773615

More Books

Students also viewed these Accounting questions

Question

★★★★★
Many experts claim that, although VHS came to dominate the video recorder market, Betamax was a superior technology. Assume that these experts are correct, so that, all other things equal, a world in...

Answered: 1 week ago

Question

★★★★★
(a) When air resistance is ignored, does a pendulum clock run faster or slower at higher altitude? (b) Does your answer change if you don't ignore the effects of air resistance?

Answered: 1 week ago

Question

★★★★★
Why should we keep going on vacation if research shows that positive vacation effects fade out immediately after resuming work?

Answered: 1 week ago

Question

★★★★★
A company is forecasting the purchase of inventory from an overseas vendor with payment to be made in a foreign currency (FC). Assume an option was used as a hedging instrument for this forecasted...

Answered: 1 week ago

Question

★★★★★
( 3 ) . Eve captures Bob's Hill cipher machine, which uses a 2 by 2 matrix M mod 2 6 . She tries a chosen plaintext attack. She finds that the plaintext " ba " encrypts to " HC " and the plaintext "...

Answered: 1 week ago

Question

★★★★★
Long-term debt ratio 0.3 Times interest earned 10.0 Current ratio 1.6 Quick ratio. 1.0 Cash ratio 0.3. Inventory turnover 3.0 Average collection period 73 days Use the above information from the...

Answered: 1 week ago

Question

★★★★★
2. The table below provides you with the 'Inventory turnover ratio' and 'receivable turnover ratio' of two auto-parts manufacturing firms (Firm A and Firm B). Also provided is the average values of...

Answered: 1 week ago

Question

★★★★★
Grandfield College. The law requires that any business, including a school, track its software. It is important to know what software the school owns, in what versions, and what the license agreement...

Answered: 1 week ago

Question

★★★★★
Does States and local governments, including local health care facilities, receive sufficient funding to adequately plan and prepare for a Weapon of Mass Destruction incident?

Answered: 1 week ago

Question

★★★★★
Before you start modeling: What are two questions you would ask to ensure the modeling process starts on task? What is your purpose for asking each of them?

Answered: 1 week ago

Question

★★★★★
Local Private Government Sector Federal Government State, Tribal, Territorial, and Insular Area Communities Nongovernmental Organizations Government Individuals, Families, and Households Whole...

Answered: 1 week ago

Question

★★★★★
Identify the characteristics of people with low and high selfesteem.

Answered: 1 week ago

Question

★★★★★
3. When asked for advice for future entrepreneurs, Vickie Stringer said, Be patient, allow room for growth, build your company on a strong accounting system, and as always, dare to dream. How does...

Answered: 1 week ago

Question

★★★★★
Define self-esteem and discuss its impact on your life.

Answered: 1 week ago

Previous Question Next Question