Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

X, Y and Z are equal partners of XYZ Partnership. A owes the XYZ Partnership for P9,000. Z, a partner, collected from A P3,000 before

X, Y and Z are equal partners of XYZ Partnership. A owes the XYZ Partnership for P9,000. Z, a partner, collected from A P3,000 before X and Y received anything. Z issued a receipt on the P3,000 as his share of what A owes. When X and Y collected from A, A was insolvent.

a. X and Y should first exhaust all remedies to collect from A.

b. Partner Z shall share partners X and Y with P3,000

c. X and Y can automatically deduct from the capital contributions of Z in the partnership their respective share in the P3,000

d. Z cannot be required to share X and Y with the P3,000

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

Financial Accounting

Authors: Jamie Pratt, Michael F Peters

11th Edition

1119745322, 978-1119745327

More Books

Students also viewed these Accounting questions

Question

The relevance of the information to the interpreter

Answered: 1 week ago

Question

The background knowledge of the interpreter

Answered: 1 week ago