1. Statement I: One who lends money/credit to the owner of a business establishment in consideration of which he will share in the profits in repayment of such credit, is presumed to be a partner. Statement II: If an employee received a share in the profits of the partnership in consideration of rendition of services, does not make the employee a partner. Both statements are True Statement I is True; Statement II is False Statement I is False; Statement II is True Both statements are False
1. Statement I: One who lends money/credit to the owner of a business establishment in consideration of which he will share in the profits in repayment of such credit, is presumed to be a partner. Statement II: If an employee received a share in the profits of the partnership in consideration of rendition of services, does not make the employee a partner. Both statements are True Statement I is True; Statement II is False Statement I is False; Statement II is True Both statements are False
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 21DQ
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Question
1. Statement I: One who lends money/credit to the owner of a business establishment in consideration of which he will share in the profits in repayment of such credit, is presumed to be a partner. Statement II: If an employee received a share in the profits of the partnership in consideration of rendition of services, does not make the employee a partner.
Both statements are True
Statement I is True; Statement II is False
Statement I is False; Statement II is True
Both statements are False
2. A, B, and C are partners contributing the following amount: A=P50,000 B=25,000 and C=25,000. The partners did not agree on the profit and loss sharing. If there is a loss of P90,000, how much is their respective shares?
A= 45,000, B=22,500 C=22,500
A= 50,000, B=20,000 C=20,000
A= 30,000, B=30,000 C=30,000
There will be no distribution of loss because it is not stipulated in the agreement.
3. Statement I: The mere sharing of gross returns establish the fact that it is a partnership, no exceptions. Statement II: Any stipulation in the partnership agreement on which exclude one or more partners from the share in the profit or loss is valid.
Both statements are False
Both statements are True
Statement I is False; Statement II is True
Statement I is True; Statement II is False
4. Statement I:The death of any of the partners would not warrant the dismissal of the case against the partnership because the personality is different from the partners. Statement II: Partners to each other are not partners as to the third person.
Statement I is True; Statement II is False
Both statements are True
Statement I is False; Statement II is True
Both statements are False
5. Statement I: In case of imminent loss of business, the partners are called upon to give additional contribution. Statement II: A partner may be exempted in additional contribution to the partnership if it is stipulated in the agreement.
Both statements are False
Statement I is False; Statement II is True
Both statements are True
Statement I is True; Statement II is False
6. Statement I : After the goods have contributed to the partnership, the individual partner still bears the risk of loss or benefit of changes in value even if ownership was transferred to the partnership. Statement II : The partnership at will, can lawfully be terminated at any time by the express will of all the partners or any of them.
Both statements are False
Statement I is True; Statement II is False
Statement I is False; Statement II is True
Both statements are True
7. A, B and C are partners contributing the following amount: A=P60,000 B=30,000 and C=10,000. They agreed to divide the profits equally but no agreement as to the losses. If there is a loss of P90,000, how much is their respective shares?
A= 50,000, B=20,000 C=20,000
A=30,000, B=30,000 C=30,000
A= 45,000, B=30,000 C=15,000
A= 54,000, B=27,000 C=9,000
8. Statement I: Partnership must have a mutual contribution of money, property or industry to a common fund. Statement II: There must be two or more persons who have the legal capacity to contract.
Both statements are True
Both statements are False
Statement I is True; Statement II is False
Statement I is False; Statement II is True
9. Statement I: A widow or a representative of a deceased partner may receive profits or annuity from a partnership but it does not mean that he/she is a partner. Statement II: If a person shares in the profits of a partnership it does not make him a partner if such share is given as an interest in a loan extended to the partnership.
Both statements are True
Statement I is False; Statement II is True
Both statements are False
Statement I is True; Statement II is False
10. Statement I: Spouses can enter into a universal partnership but not in particular partnership. Statement II: Spouses can enter into a particular partnership but not in universal partnership.
Both statements are True
Statement I is True; Statement II is False
Statement I is False; Statement II is True
Both statements are False
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT