X, Y, and Z are partners who contributed P10,000 each to the capital of the partnership. D owes the partnership P30,000. Z collected from D P10,000 before X and Y could receive anything from D, who later became insolvent and therefore, they could not collect their shares. What is the obligation of Z?
X, Y, and Z are partners who contributed P10,000 each to the capital of the partnership. D owes the partnership P30,000. Z collected from D P10,000 before X and Y could receive anything from D, who later became insolvent and therefore, they could not collect their shares. What is the obligation of Z?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 22P
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1. X, Y, and Z are partners who contributed P10,000 each to the capital of the
2. A and B are capitalist partners while C is an industrial partner. Both A and B equally contributed P50,000. A contractual liability in favor of X was incurred in the amount of P150,000. After exhausting the partnership assets, there still exists a balance payable. From whom can X recover the balance?
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