Triple G Company, Ltd. Is composed of G1, G2 and G3 as general partners, and L as limited partner. The firm owes C, a third person, P60,000, and L, P30,000. Which is not a true statement? A. If the firm owns a certain lot, L cannot receive or hold such lot by way of mortgage, to secure his claim against the partnership. B. If the firm owns a certain lot, L can receive or hold such lot by way of mortgage, to secure his claim against the partnership. C. If the firm has assets of P70,000. L cannot receive any payment for his claim of P30,000 either from the firm or from any of the three general partners because the firm’s remaining assets would only be P40,000, which amount is not sufficient to pay the firm’s debt to C in the amount of P60,000. D. If the firm owes C P60,000 and has assets of P70,000 including a receivable from L in the amount of P30,000, L cannot obtain a release from his liability to the prejudice of C since the firm’s remaining assets would only be P40,000.
Triple G Company, Ltd. Is composed of G1, G2 and G3 as general partners, and L as limited partner. The firm owes C, a third person, P60,000, and L, P30,000. Which is not a true statement? A. If the firm owns a certain lot, L cannot receive or hold such lot by way of mortgage, to secure his claim against the partnership. B. If the firm owns a certain lot, L can receive or hold such lot by way of mortgage, to secure his claim against the partnership. C. If the firm has assets of P70,000. L cannot receive any payment for his claim of P30,000 either from the firm or from any of the three general partners because the firm’s remaining assets would only be P40,000, which amount is not sufficient to pay the firm’s debt to C in the amount of P60,000. D. If the firm owes C P60,000 and has assets of P70,000 including a receivable from L in the amount of P30,000, L cannot obtain a release from his liability to the prejudice of C since the firm’s remaining assets would only be P40,000.
Chapter10: Partnership Taxation
Section: Chapter Questions
Problem 18MCQ
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Question
Triple G Company, Ltd. Is composed of G1, G2 and G3 as general partners, and L as limited partner. The firm owes C, a third person, P60,000, and L, P30,000. Which is not a true statement?
A. If the firm owns a certain lot, L cannot receive or hold such lot by way of mortgage, to secure his claim against the partnership .
B. If the firm owns a certain lot, L can receive or hold such lot by way of mortgage, to secure his claim against the partnership.
C. If the firm has assets of P70,000. L cannot receive any payment for his claim of P30,000 either from the firm or from any of the three general partners because the firm’s remaining assets would only be P40,000, which amount is not sufficient to pay the firm’s debt to C in the amount of P60,000.
D. If the firm owes C P60,000 and has assets of P70,000 including a receivable from L in the amount of P30,000, L cannot obtain a release from his liability to the prejudice of C since the firm’s remaining assets would only be P40,000.
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