Midterm - Partnership_WITH ANSWERS

8/11/2019 Midterm - Partnership_WITH ANSWERS

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Bicol UniversityCollege of Business, Economics and Management

MIDTERM EXAMINATIN!a" on Business rgani#ations

NAME$%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% CUR&E'(R'B!C)$%%%%%%%%% &CRE$ %%%%% E*UI+$%%%%%%%MC*IN&TRUCTIN$ Encircle the best answer

- A, B, and C are .artners contri/uting services, 012,222 and 032,222 res.ectively- If t4e 5ust and

e6uita/le s4are of t4e industrial .artner is 7,222, 4o" s4ould t4e 082,222 net assets /edistri/ution9a- A: 012,222 B:012,222 C:032,222b. A- P5,000 B-P25,000 C-P50,000c- A:0;1,222 B:0ce.ta. !he su" collected shall be applied to the partnership credit/- It s4all /e a..lied to t4e t"o credits in .ro.ortion to t4eir amountsc- T4e sum s4all /e fully a..lied to t4e .artners4i. credit, if t4e recei.t given is for t4e account of

t4e .artners4i.d- T4e de/tor 4as t4e rig4t to 4ave t4e .ayment a..lied in 4is de/t to t4e .artner if it s4ould /e

more onerous to 4im

ecution of t4earticles of .artners4i. unless a s.ecic date is agreed for its e>istence-&tatement No- 1 uridical e>istence of cor.oration commences on t4e date of t4e e>ecution of

t4e articles of incor.oration unless a s.ecic date is agreed for its e>istence-a. &tatement No- and &tatement No- 1 are /ot4 correct-b. $tate"ent %o.1 and $tate"ent %o. 2 are both wron&.c. &tatement No- is correct "4ile &tatement No- 1 is "rong-d. &tatement No- is "rong "4ile &tatement No- 1 is correct-

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F- X o"es ABC 0artners4i. 0F,222-22- T4e .artners are com.osed of A, B and C- X gave to A 0;,222 as4is s4are of t4e credit- A issued a recei.t of 4is s4are to X- Ge" days t4ereafter, X /ecame insolvent-o" s4ould t4e 0;,222-22 /e distri/uted, if it can /e done9


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a- A:0;,222, B:2 H C:2 c. A-P1,000, B-P1,000 ' C-P1,000

/- A:01,222, B:0,222 H C:2 d- A:2, B:0,722 H C:0,722

2- A contri/uted to AB 0artners4i. t4e usufruct of 4is car for t4e rms /usiness of car rental- B, a.artner, drove t4e car from t4e air.ort fetc4ing a client /ut met an accident in t4e Marcelo B-Gernan /ridge totally destroying t4e car- T4e client sustained in5uries re6uiring .ayment of damagesof 022,222- 4o s4ould /ear t4e loss of t4e car9a. A /- AB 0artners4i. c- B d- client

- In .ro/lem no- 1;, su..osing t4e car "as t4e one contri/uted /y A as 4is ca.ital contri/ution "4os4ould /e lia/le for damages of t4e client9a- A alone b. AB Partnership alone c- B alone d- A, B H AB 0artners4i. solidarily

1- X, (, and J are .artners in Ace H Co- re.resented 4imself as a .artner in t4e said .artners4i. toA, "4o, on t4e fait4 of suc4 re.resentation, granted 0M loan to t4e .artners4i.- Assuming only Xand ( consented to suc4 re.resentation, "4o s4all /e lia/le to A9

a. &ince t4e .artners4i. /eneted from t4e credit e>tended /y A, all .artners X, (, and #b. (nly ),*, and + are partners by estoppel and are liable pro ratac. &ince t4e loan "as e>tended to t4e .artners4i., all t4e .artners and are lia/led. nly "4o made t4e re.resentation s4all /e lia/le

;- A, B, and C are general .artners in a merc4andising rm- aving contri/uted e6ual amounts to t4eca.ital, t4ey also agreed on e6ual distri/ution of "4atever .rot is reali#ed .er scal .eriod- After 1years of o.eration 4o"ever, C conveys 4er "4ole interest in t4e .artners4i. to D, "it4out?no"ledge and consent of A and B- Is t4e .artners4i. dissolved9

a. %o because the conveyance of a partners interest in the partnership does not initself dissolve the partnership

b. No /ecause t4e assignment made /y C of 4is "4ole interest "as "it4out t4e ?no"ledge andconsent of A and B

c. (es /ecause t4e assignee automatically /ecomes a ne" .artner and strictly s.ea?ing t4ereis a ne" entity

d. (es /ecause A 4as ceased to /e a .artner due to t4e assignment of 4is "4ole interest to D

3- Based on t4e .receding facts, "4ic4 of t4e follo"ing statements is correct9a. D can .artici.ate in t4e management of t4e .artners4i.

b. # cannot inspect the boos nor copy the" for any infor"ation on the partnershipaairs as a partner can.

c. C 4as ceased to 4ave t4e rig4ts to use t4e .artners4i. .ro.ertyd. C cannot ta?e .art in t4e control of t4e /usiness anymore

7- Based on t4e facts of Item No- ;, "4ic4 of t4e follo"ing statements is correct9a. /f A and B want to dissolve the partnership, C as a partner need not consent

thereto because he has assi&ned his interest to #b. D may 4imself as? t4e court for its dissolution /eing an assignee of Cs interest in t4e

.artners4i.c. A,B and D may dissolve t4e .artners4i. even "it4out t4e consent of Cd. A, B, and C cannot dissolve t4e .artners4i. "it4out t4e consent of D


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d. None /ecause all 4ave e6ual rig4ts

F- If a .artner is insolvent, t4e rst in t4e order of .reference isa. .artners4i. creditorsb. .artners contri/ution to t4e .artners4i.c. separate creditors of the partnersd. .ro rata /et"een t4e se.arate creditors and t4e .artners4i.s creditors


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12- A is o"ner of a de.artment store in Manila valued at 02M and B is t4e o"ner of anot4erde.artment store in Ma?ati valued at 0 12M- A and B agreed t4at t4ey "ill s4are in t4e .rots of/ot4 /usinesses- Due to /usiness reverses, B is no" inde/ted to Ban? of de ro for 072,222-22 andcannot .ay due to insolvency- 4ic4 of t4e follo"ing statements is correct9

a. (nly B is liable to the ban because there is no partnership between hi" and Ab. T4e fact t4at A and B s4are t4eir .rots s4o" t4at .artners4i. e>istsc. Ban? of de ro s4all rst e>4aust all t4e assets of A and B, if not enoug4, 4old t4em lia/le

for t4e /alance of t4e de/td. T4e /an? can 4old A and B solidarily lia/le

1- X, (, and J are .artners "4ere X "as a..ointed manager "it4 aut4ority to collect- D is inde/ted toX(J .artners4i. in t4e amount of 022,222 "4ic4 is already due and demanda/le and is alsoinde/ted to X .ersonally and li?e"ise due and demanda/le in t4e amount of 072,222- X collectedfrom D 037,222- 4ic4 of t4e follo"ing is not a correct statement9

a. If X gave a recei.t in 4is o"n name, 4e is /ound to give X(J .artners4i. a .ro.ortionate"4ic4 is 0;2,222

b. If X gave a recei.t in t4e name of .artners4i. 4e 4as to give t4e 037,222 to X(J .artners4i.c. /f )s credit to # carries an interest of 1 and )* partnerships credit to # has

an interest of 13 only, when ) collects fro" # 35,000 and &ives a eceipt in hisown na"e he also has to share the collection with the partnership in proportion

d. None of t4e a/ove

11- A, B, and C are .artners in an im.ort and e>.ort /usiness "4ere customers desiring to .lace anorder are re6uired to ma?e a de.osit of ;2K to t4e .artners4i.- T, a regular customer de.osited0;22,222 to .artner A "4o instead of turning over t4e money to ABC .artners4i., misa..ro.riatedit to 4is o"n use, In t4is case$

a. T s4ould sue A only for misa..ro.riating t4e amount of 0;22,222b. ! can sue A or B or C or the partnership ABC solidarily for the a"ount of P

400,000c. T can only sue t4e .artners A, B, and C 5ointlyd. Correct remedy not indicated

1;- A ca.italist .artner engaged for 4is o"n account in an o.eration "4ic4 is of t4e ?ind of /usiness in"4ic4 t4e .artners4i. is engaged- &aid .artner can /e$

a. Com.elled to sell 4is interest in t4e interest to anot4er ca.italist .artnersb. Com.elled to dissolve or discontinue t4e o.eration of t4e its /usiness

c. Co"pelled to brin& to co""on funds of the partnership any prot accruin& to hi"fro" his transactions

d. Denied 4is s4ares in t4e .rots of t4e .artners4i.

13- 4ic4 of t4e follo"ing statements is incorrect9a. An industrial .artner "4o engaged in /usiness for 4imself may /e e>cluded from t4e

.artners4i.b. An industrial .artner may not engage in /usiness for 4imself "it4out t4e consent of 4is co:

.artnerc. A capitalist partner "ay en&a&e in the sa"e line of business in which the

partnership is en&a&edd. An oLending ca.italist .artner may not /e e>cluded from t4e .artners4i.

17- A .artners4i. t4at 4as for its o/5ect determinate t4ings, t4eir use o fruits, or s.ecic underta?ing, ort4e e>ercise of .rofession or vocation is called$

a..articular /- general c- limited d- universal

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E&&A(-Answer in a concise, logical and legible manner.

- &tate t4e rules in t4e distri/ution of .rots and losses

1- &,U0ER Enter.rises "4ose /usiness is car .ainting and re.airs- All .artnersare ca.italist .artners "it4 & as managing .artner- After 7 years of o.eration, Rresigned from t4e .artners4i.- Alt4oug4 & "as a"are of t4e resignation of R, 4e still/oug4t 72 gallons of car .aint from M "4o 4ave /een dealing "it4 &U0ER for t4e .ast7 years and car s.are .arts from "4o "as transacting "it4 &U0ER for t4e rst time-

T4e dissolution "as .u/lis4ed in 04ili..ine &tar /ut neit4er M nor read it- M and arealso not a"are of t4e resignation of R- 4o s4ould /e lia/le to M and 9 E>.lain-

;- +incent and ames entered into a universal .artners4i. of .rots- At t4etime of e>ecution of t4e articles of .artners4i., +ince 4ad a 1:door a.artment "4ic44e in4erited from 4is mot4er ; years earlier- ames on t4e ot4er 4and, 4ad a eet ofta>is "4ic4 4e .urc4ased ; years ago- In t4e rst year of .artners4i. +incent earned0M as commercial model "4ile ames "on t4e &"ee.sta?es- During t4e same .eriod,rentals of 0132,222 "ere collected from t4e a.artment "4ile revenues of 0322,222"ere earned from t4e o.eration of t4e eet of ta>is- Identify t4e .ro.erty isconsidered as .artners4i. assets- E>.lain-

3- 0artners4i. XJ "as dissolved- X .romised to sign t4e last and nalstatement of accounts as soon as 4e receives 4is s4are as s4o"n in said statement- Xacce.ted suc4 s4are "it4out reservation /ut "4en t4e statement "as latter on givenfor signing 4e refused demanding furt4er li6uidation- I& X still entitled to li6uidation9E>.lain-

7- After o.erating for sometime a limited .artners4i., X and Co, com.osed ofA, B, and C, as general .artners, "4o contri/uted ;2,222 eac4, and D and E as limited.artners "4o contri/uted 012,222 eac4, 4as a total assets of0 72,222 and t4efollo"ing lia/ilities$

a- Gor return of contri/utions of limited .artners D and E 032,222

/- Due to t4ird .arty credits 72,222c- Gor loan e>tended /y C 17,222d- Gor loan e>tended /y D ;7,222e- Gor ta>es 7,222f- Gor indemnity to B for damages suLered in conse6uence of management

7,222

In case X and Co-, "ill /e dissolved 4o" s4ould t4e assets /e distri/uted- ustify-

Midterm - Partnership_WITH ANSWERS

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