Question
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
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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
