How should the different claims of the creditors be settled

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Reference no: EM133261366

Assignment:

A, B and are partners in X Company. They contributed equally to the partnership. They have no stipulation regarding the share of each partner in the profit and losses. The assets of the partnership amounted to P100, 000 after a year of operation. The partnership is indebted to R in the amount of 160,000. S is a separate creditor of C for P 30,000. If C is insolvent and what is left of him is a land valued at 20,000, how should the different claims of the creditors be settled?

Reference no: EM133261366

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