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1. A and B are partners im

1. A and B are partners im

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTIONS: 1. A and B are partners in a partnership known as X & Co. They agreed that they would contribute all their properties to a common fund for the purpose of dividing the same between themselves, as well as the profits to be derived therefrom. A contributed all his properties consisting of two (2) big parcels of agricultural land and a tractor. B contributed also his properties consisting of P100,000 cash and farm implements. What type of partnership did A and B enter into? Answer: 2. Under the verbal contract, A and B contributed P22.00 each for the purpose of purchasing a parcel of land. It was agreed that upon its acquisition, the property would be divided equally between them. A kept the land for himself and refused to divide. B brought an action for partition. Did the parties enter into a contract of partnership? Explain. Answer: 3. Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X, believing the representation made by A and consented to by B, extended credit to A. What type of partnership was described? Explain. Answer:
Transcribed Image Text:QUESTIONS: 1. A and B are partners in a partnership known as X & Co. They agreed that they would contribute all their properties to a common fund for the purpose of dividing the same between themselves, as well as the profits to be derived therefrom. A contributed all his properties consisting of two (2) big parcels of agricultural land and a tractor. B contributed also his properties consisting of P100,000 cash and farm implements. What type of partnership did A and B enter into? Answer: 2. Under the verbal contract, A and B contributed P22.00 each for the purpose of purchasing a parcel of land. It was agreed that upon its acquisition, the property would be divided equally between them. A kept the land for himself and refused to divide. B brought an action for partition. Did the parties enter into a contract of partnership? Explain. Answer: 3. Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X, believing the representation made by A and consented to by B, extended credit to A. What type of partnership was described? Explain. Answer:
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