Reference no: EM132899464
Question -
On September 1, 20X2, Tanya, Cecille, and Marie formed a partnership by combining their separate business proprietorships. Tanya contributed cash of P50,000. Cecille contributed property with P48,000 carrying amount, P56,000 original cost, and P45,000 fair value. The said property has an attached mortgage of P10,000, which will be assumed by the partnership. Marie Contributed a piece of equipment with P50,000 carrying amount, P85,000 original cost, and P45,000 fair value. It was stated in the Articles of Partnership that profits and losses are to be shared equally but is silent regarding capital contributions. Who among the partners has the smallest capital contribution?
On July 1, 20X2, Cua, Wicas, and Suico organized a partnership. Wicas contributed cash amounting to P600,000 and Cua contributed cash of P300,000 and machinery with a carrying amount of P250,000, the historical cost of P600,000, and market value of P475,000. Suico, on the other hand, was admitted to the partnership for the services that she will provide. It was stipulated in the Articles of the Partnership that Cua, Wicas, and Suico will share the profit and loss in the ratio of 3:5:2. Moreover, it was also stipulated that when Cua and Wicas become personally insolvent upon winding up, Suico will also absorb the loss of the partnership. Are the stipulations valid?
Rachelle, Patrick, and Lorreyn formed the RPL Professional Partnership on April 1, 20X2, by contributing capital. They agreed that Lorreyn would receive P20,000 as manager of the firm, and the remainder will be divided according to the profit ratio of 34%, 44%, 22%, respectively. At the end of the month, the company had a net loss of P900,000.
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