In 2019, L, M, N, O and P formed a partnership. L, M and N were capitalist partners who contributed P500,000 each, while O, a limited partner, contributed P1,000,000. P joined as an industrial partner, contributing only his services. The Articles of Partnership, registered with the SEC, designated L and O as managing partners; L was liable only to the extent of his capital contribution; and P was not liable for losses.

In 2020, the partnership earned a net profit of P800,000. In the same year, P engaged in a different business with the consent of all the partners. However, in 2020, the partnership incurred a net loss of P500,000. In 2021, the partners dissolved the partnership. The proceeds of the sale of partnership assets were insufficient to settle its obligation. After liquidation, the partnership had an unpaid liability of P300,000.

Assuming that the just and equitable share of the industrial partner, P, in the profit in 2021 amounted to P100,000, how much is the share of O, a limited partner, in the P800,000 net profit?

a. 175,000

b. 200,000

c. 160,000

d. 280,000

A and are partners engaged in the real estate business. A learned that C was interested in buying a certain parcel of land owned by the partnership, even for a higher price. Without informing B of C's offer, A was able to convince B to sell to him (A) his (B) share in the partnership. Then A sold the land at a big profit. Which of the following is correct?

a. A is liable to B for the latter's share in the profit

b. C is liable to B for the latter's share in the profit

c. A new partnership is formed between A and C

d. The sale of the land to C is void since it was without the knowledge of B