D, E, and F are partners in DEF Enterprises. They want to obtain a loan from X, but X does not know any of them, so they asked Y, who is known to X, to represent himself as a partner in DEF Enterprises. X, believing that Y is a partner in DEF enterprises, thus grants the loan of Php180,000.00 to DEF Enterprises. Later, however, DEF Enterprises is unable to pay the loan as its assets amount only to Php120,000.00. How does the payment of the loan be settled: a. D, E, and F shall share in the payment of Php180,000.00 from their separate assets at Php60,000.00 each. b. The assets of DEF Enterprises shall first be exhausted. Thereafter, D, E, and F may be held liable by X from their separate assets at Php20,000.00 each. c. D, E, F, and Y shall share in the payment of Php180,000.00 from their separate assets at Php45,000.00 each. d. The assets of DEF Enterprises shall first be exhausted. Thereafter, D, E, F, and Y may be held liable by Z from their separate assets at Php15,000.00 each.
D, E, and F are partners in DEF Enterprises. They want to obtain a loan from X, but X does not know any of them, so they asked Y, who is known to X, to represent himself as a partner in DEF Enterprises. X, believing that Y is a partner in DEF enterprises, thus grants the loan of Php180,000.00 to DEF Enterprises. Later, however, DEF Enterprises is unable to pay the loan as its assets amount only to Php120,000.00. How does the payment of the loan be settled: a. D, E, and F shall share in the payment of Php180,000.00 from their separate assets at Php60,000.00 each. b. The assets of DEF Enterprises shall first be exhausted. Thereafter, D, E, and F may be held liable by X from their separate assets at Php20,000.00 each. c. D, E, F, and Y shall share in the payment of Php180,000.00 from their separate assets at Php45,000.00 each. d. The assets of DEF Enterprises shall first be exhausted. Thereafter, D, E, F, and Y may be held liable by Z from their separate assets at Php15,000.00 each.
Chapter11: Investor Losses
Section: Chapter Questions
Problem 2RP
Related questions
Question
D, E, and F are partners in DEF Enterprises. They want to obtain a loan from X, but X does not know any of them, so they asked Y, who is known to X, to represent himself as a partner in DEF Enterprises. X, believing that Y is a partner in DEF enterprises, thus grants the loan of Php180,000.00 to DEF Enterprises. Later, however, DEF Enterprises is unable to pay the loan as its assets amount only to Php120,000.00. How does the payment of the loan be settled:
a.
D, E, and F shall share in the payment of Php180,000.00 from their separate assets at Php60,000.00 each.
b.
The assets of DEF Enterprises shall first be exhausted. Thereafter, D, E, and F may be held liable by X from their separate assets at Php20,000.00 each.
c.
D, E, F, and Y shall share in the payment of Php180,000.00 from their separate assets at Php45,000.00 each.
d.
The assets of DEF Enterprises shall first be exhausted. Thereafter, D, E, F, and Y may be held liable by Z from their separate assets at Php15,000.00 each.
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