Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dear tutor, please help me with this one. Please Explain the following. Thank you and God Bless! I will really give a positive rating to

Dear tutor, please help me with this one. Please Explain the following. Thank you and God Bless! I will really give a positive rating to those who can help me. Please ty pe your answers here. Do not attach a picture of your answer. Thank you. Also, kindly use the most recent applicable law in the Philippines.

image text in transcribed
Explain or state briefly the rule or reason for your answer. Quote the Article Number to support your answer. 1. X, Y, and Z are partners in a partnership which was dissolved by the withdrawal of X. Y who was notified by Z of X's withdrawal, entered into new transaction with Win the name of the partnership. (a) Is the partnership liable to W? (b) Are X and Z liable to for their share of the liability? 2. Same partnership. X, acting for the partnership, bought a car from W which car was being claimed by C. Y acquired knowledge of the of Neither W nor Y informed X of the claim. C was able to recover the car. Is W liable to the partnership under Article 1821? 3. Same partnership. The term of existence of the partnership expired. This notwithstanding, X enters into a contract with W in the name of the partnership. (a) Is the partnership liable to W? (b) What right, if any, is given to Y and Z? 4. Same partnership. The partnership was dissolved. Assume the following information: Partnership assets P320, 000; Advances by X to partnership - P20, 000; Capital contribution of each partner - P30, 000 Liability of partnership P150, 000. Compute the share of each partner in the profits. 5. Same example Suppose the liability of the partnership to W is P335, 000; Y is indebted to C (separate creditor tor) P15, 000; Z is indebted to D (separate creditor) -P10, 000. Separate property of Y and Z each amounts only to 20, 000 and P10, 000, respectively; advance by X to partnership - P30, 000. Settle the accounts of the parties

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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Law questions

Question

Who should be involved?

Answered: 1 week ago