Question 21

1pts

Bears the loss of property contributed to the partnership. (Phil CPA, 89-1)

Group of answer choices

Capitalist partner

Partners contributing usufructuary rights.

Limited partner

Industrial partner

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Question 22

1pts

A, B, and C are general partners in ABC Partnership. D is a debtor to the partnership in the amount of P15,000. A received from debtor D the sum of P5,000 and issued a receipt identifying the amount as his share. Then D become insolvent, B and C cannot collect the P10,000. (Phil CPA, 88-1-M; 92-1; 96-1-M)

Group of answer choices

A cannot be compelled to share the P5,000 with B and C.

B and C can charge the capital of A with their share of the P5,000.

A can be compelled to share B and C with the P5,000.

B and C should automatically sue D to collect the P10,000.

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Question 23

1pts

On October 1, 2018 A and B formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. A contributed a parcel of land that cost him P200,000. B contributed P300,000 cash. The land has a quoted price of P360,000 on October 1, 2018. What amount should be recorded in A's capital account on the formation of the partnership?

Group of answer choices

200,000

360,000

348,000

300,000

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Question 24

1pts

In a general partnership, the creditor of a partner may charge the interest of the indebted partner, the interest so charged may be redeemed with:

Group of answer choices

Both partnership property and separate property of the general partner cumulatively

Partnership property

Both partnership property and separate property of the general partner alternatively

Separate property of any general partner

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Question 25

1pts

The liability of the partners, including industrial partners for partnership contracts entered into in its name and for its account, when all partnership assets have been exhausted is

Group of answer choices

Solidary

Pro-rata.

Primary

Voluntary

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Question 26

1pts

A, B, C, and D are partners of the firm "ABCEDE" engaged in the buying and selling of land. A parcel of land registered in the name "ABCEDE" was sold by A in his own name. Does the buyer become the owner of the land?

Group of answer choices

The buyer becomes the owner of the naked title of the land.

The buyer does not become the owner of the land. However, he gets the equitable interest of the firm insofar as the land is concerned.

The buyer owns the naked title and gets the equitable interest of the firm insofar as the land is concerned.

The buyer does not acquire any ownership over the land.

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Question 27

1pts

In the articles of a general partnership, one of the partners is expressly exempted from personal liability for the losses of the partnership. Is this agreement valid?

1st answer. If the exempted partner is an industrial one, the agreement is valid as among themselves, but not insofar as creditors are concerned.

2nd answer. If the exempted partner is a capitalist one, the agreement is void as against creditors of the firm. As among themselves, it is valid regarding contributions in excess of the capital; but void, regarding the original contribution.

Group of answer choices

Only the 1st answer is true

Only the 2nd answer is true

Both answers are not true

Both answers are true

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Question 28

1pts

A and B are partners. A misappropriates a sum of money belonging to a customer X but which was already in the custody of the partnership. Whom can X hold liable?

Group of answer choices

X can only hold the partnership liable.

X can hold liable A and B jointly.

X can hold liable either the firm or A or B, and the liability is for the whole amount because it is solidary.

X can only hold A liable.

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Question 29

1pts

X is not a partner of A, B, and C. Without the consent or knowledge of C but with the implied consent of A and B, X made T believe that he is a partner of A, B, and C. Who shall be liable for the payment of a debt of P500, 000 in favor of T who extended credit on the basis of the misrepresentation?

Group of answer choices

X, A and B pro rata.

X, A, B and C pro rata.

X, A, B and C solidarily.

X, A and B solidarily.

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Question 30

1pts

A, B and C are partners engaged in a retail business. Their contribution is P20,000 each. D is admitted as a new partner with a contribution of P8,000. At the time of his admission, the partnership has an outstanding obligation to E in the amount of P80, 000.00. In this case:

Group of answer choices

D will be liable only if he knew of the liability of P80,000 at the time he joined the partnership.

D is not liable to E for this obligation and his P8,000 contribution shall remain with the partnership

D is liable to E for this obligation so that after the assets of the partnership amounting to P68, 000.00 will be exhausted leaving a balance of P12, 000.00, only A, B and C shall be liable jointly or pro rata, out of their separate property.

D is liable to E for this obligation so that after the assets of the partnership will be exhausted, leaving a balance of P12,000.00, all the partners shall be liable jointly or pro rata, including D, out of their separate property.

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Question 31

1pts

Which of the following act requires the consent of all partners?

A. Dispose the goodwill of the business

B. Confess a judgment

C. Renounce a claim of the partnership

D. Submit a partnership claim to arbitration

E. Enter into a compromise agreement concerning a partnership claim

Group of answer choices

Only A, B, C and D

Only A, B and C

Only A, B, C and E

A, B, C, D and E

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Question 32

1pts

A,B. C and D are partners where D is an industrial partner and A, B and C respectively contributed P400,000, P200,000 and P200,000. ABCD & Co. became indebted to X in the amount of P1,800,000.

Group of answer choices

X must first exhaust the partnership assets amounting to P800,000 and then hold A, B, C and D solidarily liable for the balance of P1,000,000.

X must first exhaust the partnership assets amounting to P800,000 and then hold liable jointly A, B, C and D from the balance of P1,000,000 - but after D the industrial partner pays X P250,000 he can ask reimbursement from A, B, and C so that in the end D as an industrial partner will not be liable for losses among themselves.

X can only hold liable A, B, and C as the capitalist partners.

X must first exhaust the partnership asset of P800,000 and then hold A, B and C jointly for the balance of P1,000,000.

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Question 33

1pts

Wilma, Olga and Wynona agreed to form a limited partnership with Wilma and Olga as general partners contributing P50,000.00 each, and Wynona as limited partner contributing P100,000.00. The partnership which is to engage in the trading of garments was named "WOW Garments Co., Limited" as indicated in the certificate signed and sworn to by the partners before a notary public. However, the certificate was not filed with the Securities and Exchange Commission. In the meantime, the partners already begun operating the business and transacting with third persons.

Group of answer choices

The partnership will be considered a limited partnership as indicated in its name. Only Wilma and Olga will be liable with their separate property after the exhaustion of partnership assets.

The partnership entered into by the Wilma, Olga and Wynona is void.

Wilma, Olga and Wynona will be considered separate as sole proprietors with each one having a capital equivalent to their respective contributions.

The partnership will be considered a general partnership. Accordingly, all partners will be liable with their separate property after the exhaustion of partnership assets.

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Question 34

1pts

A and B are partners engaged in the operation of a cinema business. The theater was mortgaged to C who foreclosed the mortgaged debt. A, in his own behalf, redeemed the property with his own private funds. Subsequently, A files for a petition for the cancellation of the old title of the partnership and the issuance of a new title in his name alone. Did A become the absolute owner of the property?

Group of answer choices

No, unless he is reimbursed by the partnership plus interest from the time he redeemed the property..

Yes, because the title of the property is now in his name.

No, he will only hold the property as the trustee and will be entitled to reimbursement plus interest from the time he redeemed the property.

Yes, because he redeemed the property with his own funds.

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Question 35

1pts

General partners shall have no right to perform the following acts without the written consent or ratification by all the limited partners, except:

Group of answer choices

To have the partnership books kept at the principal place of business of the partnership, and at a reasonable hour to inspect and copy any of them.

Admit a person as a general partner.

Admit a person as a limited partner, unless the right to do so is given in the certificate.

Continue the business with partnership property on the death, retirement, insanity, civil interdiction or insolvency of a general partner, unless the right to do so is given in the certificate.

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Question 36

1pts

The certificate shall be cancelled when:

Group of answer choices

There is a false or erroneous statement in the certificate.

All limited partner cease to be such.

Additional limited partner is admitted

There is change in the name of the partnership

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Question 37

1pts

A substituted limited partner is:

Group of answer choices

Answer not given.

a person admitted as a partner by the other partners.

a buyer of right of the deceased partner.

An assignee admitted to all the rights of a limited partner.

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Question 38

1pts

In a limited partnership, the creditor of a limited partner may charge the interest of the indebted limited partner, the interest so charged may be redeemed with:

Group of answer choices

Separate property of any general partner

Partnership property

Both partnership property and separate property of the general partner alternatively

Both partnership property and separate property of the general partner cumulatively

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Question 39

1pts

In three of the following instances, the certificate of a limited partnership may be amended. Which is the exception?

Group of answer choices

Death of a general partner

There is a false or erroneous statement in the certificate.

A person is substituted as a limited partner.

Change in the character of the business

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Question 40

1pts

A, B and C wish to go into the business together to bottle mineral water. Each contributed P50,000, but C wanted to limit his liability to the extent of his contribution, and his name to appear in the partnership name. Which form of partnership as business organization should they choose?

Group of answer choices

Limited partnership

No partnership organization is available

General partnership