7. The following are instances, except one, when a partnership is unlawful. Which is the exception? a. A partnership formed for the purpose of selling illegal drugs. b. A partnership formed for the purpose of buying lands. C A partnership formed to create illegal gambling. d. A partnership formed for selling smuggled cars. 8. X and Y orally agreed to form a partnership. Each contributed cash worth P15, 000 to common fund. But they did not register the partnership with the Securities and Exchange Commission. a. The partnership is void b. The partnership is voidable c. The partnership is still valid d. The partnership is valid and unenforceable 9. The partners contribute all the property which actually belongs to them to a common fund, with the intention of dividing the same among themselves, as well as all the profits which they may acquire therewith. a. Universal partnership of all profits b. Universal partnership of all present property c. Particular partnership d. None of the above
7. The following are instances, except one, when a partnership is unlawful. Which is the exception? a. A partnership formed for the purpose of selling illegal drugs. b. A partnership formed for the purpose of buying lands. C A partnership formed to create illegal gambling. d. A partnership formed for selling smuggled cars. 8. X and Y orally agreed to form a partnership. Each contributed cash worth P15, 000 to common fund. But they did not register the partnership with the Securities and Exchange Commission. a. The partnership is void b. The partnership is voidable c. The partnership is still valid d. The partnership is valid and unenforceable 9. The partners contribute all the property which actually belongs to them to a common fund, with the intention of dividing the same among themselves, as well as all the profits which they may acquire therewith. a. Universal partnership of all profits b. Universal partnership of all present property c. Particular partnership d. None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Question
PLEASE ANSWER ALL OF THE QUESTIONS
Transcribed Image Text:7. The following are instances, except one, when a partnership is
unlawful. Which is the exception?
a. A partnership formed for the purpose of selling illegal drugs.
b. A partnership formed for the purpose of buying lands.
c. A partnership formed to create illegal gambling.
d. A partnership formed for selling smuggled cars.
8. Xand Y orally agreed to form a partnership. Each contributed cash
worth P15, 000 to common fund. But they did not register the
partnership with the Securities and Exchange Commission.
a. The partnership is void
b. The partnership is voidable
c. The partnership is still valid
d. The partnership is valid and unenforceable
9. The partners contribute all the property which actually belongs to them
to a common fund, with the intention of dividing the same among
themselves, as well as all the profits which they may acquire therewith.
a. Universal partnership of all profits
b. Universal partnership of all present property
Particular partnership
d. None of the above
C.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education