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A, B, C and D are partners. Their contributions are as follows: A, P50,000; B, P30,000; C, P20,000; D, services.

The partnership incurred obligations to third persons which the firm was unable to pay. After exhausting the assets of the partnership, there still unpaid balance of P10,000. Who are liable for the payment of the unpaid balance of P10,000? How much each?
a. A, P5,000; B, P3,000; C, P2,000; D, nothing
b. A, P2,500; B, P2,500; C, P2,500; D, P2,500
c. A, P4,000; B, P3,000; C, P2,000; D, P1,000
d. A, P4,000; B, P4,000; C, P2,000; D, nothing

User Xpmatteo
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1 Answer

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Final answer:

Partners A, B, and C are likely responsible for the unpaid balance according to their initial capital contributions, and partner D, who provided services, may not be liable for the capital debts unless otherwise stipulated. The most likely answer would be option a), assuming it's a general partnership with typical agreements in place.

Step-by-step explanation:

The question pertains to the liability of partners in a partnership business for debts incurred by the partnership. When a partnership incurs obligations it cannot pay, all partners are generally liable for the debt.

In the scenario given, after the partnership's assets are exhausted, there remains an unpaid balance of P10,000. If it's a general partnership, partners A, B, and C would be liable in proportion to their contributions, while partner D, who contributed services, might still be liable unless otherwise agreed. If it's a limited liability partnership, partners' liabilities may be limited to their respective contributions.

However, without specified details on the nature of the partnership, we may reasonably assume it is a general partnership where all partners share the liabilities.

The unpaid balance of P10,000 would typically be split between all partners, possibly according to their capital contributions, unless the partnership agreement states otherwise. Hence, option a), with A at P5,000, B at P3,000, C at P2,000, and D at nothing, is the most likely distribution of the remaining obligation, assuming that partner D's contribution of services does not entail liability for capital debts. Yet in many jurisdictions, all partners, including those contributing services, are liable for partnership debts, making option d) unlikely.

User Dlumpp
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