A, B and C are solidary debtors to X and Y (solidary creditors) in the amount of PhP600,000.00. 1. How much is the liability of each solidary debtor to each of the solidary creditor? Explain your answer. 2. Assuming solidary debtor A paid solidary creditor X, what is the effect on the obligation? What is the right acquired by solidary debtor A after complying with the obligation? On the other hand, what is the obligation of solidary creditor X to the other creditor? EXPLAIN YOUR ANSWERS.
A, B and C are solidary debtors to X and Y (solidary creditors) in the amount of PhP600,000.00. 1. How much is the liability of each solidary debtor to each of the solidary creditor? Explain your answer. 2. Assuming solidary debtor A paid solidary creditor X, what is the effect on the obligation? What is the right acquired by solidary debtor A after complying with the obligation? On the other hand, what is the obligation of solidary creditor X to the other creditor? EXPLAIN YOUR ANSWERS.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A, B and C are solidary debtors to X and Y (solidary creditors) in the amount of PhP600,000.00.
1. How much is the liability of each solidary debtor to each of the solidary creditor? Explain your answer.
2. Assuming solidary debtor A paid solidary creditor X, what is the effect on the obligation?
What is the right acquired by solidary debtor A after complying with the obligation?
On the other hand, what is the obligation of solidary creditor X to the other creditor?
EXPLAIN YOUR ANSWERS.
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