A, B and C are general partners in ABC partnership. X is a debtor to the partnership in the amount of P180,000. A received from the debtor X the sum of P60,000 and issued a receipt identifying the amount collected as P60,000. a. A cannot be compelled to share the P60,000 with B and C. b. A can be compelled to share with B and C their P60,000. c. B and C should automatically sue X to collect the P120,000. d. B and C can deduct from the capital of A their share of P60,000.
A, B and C are general partners in ABC partnership. X is a debtor to the partnership in the amount of P180,000. A received from the debtor X the sum of P60,000 and issued a receipt identifying the amount collected as P60,000. a. A cannot be compelled to share the P60,000 with B and C. b. A can be compelled to share with B and C their P60,000. c. B and C should automatically sue X to collect the P120,000. d. B and C can deduct from the capital of A their share of P60,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A, B and C are general partners in ABC partnership . X is a debtor to the partnership in the amount of P180,000. A received from the debtor X the sum of P60,000 and issued a receipt identifying the amount collected as P60,000.
a. A cannot be compelled to share the P60,000 with B and C.
b. A can be compelled to share with B and C their P60,000.
c. B and C should automatically sue X to collect the P120,000.
d. B and C can deduct from the capital of A their share of P60,000.
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