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A is a managing partner of A and B partnership. X is indebted to A for P25,000 and the partnership for P75,000. When both debts mature, X pays A P10,000 and the latter issues a receipt for his personal credit. The payment for P10,000 shall be applied.   a. To the whole debt owing to A. b. 1/4 in favor of A and 3/4 in favor of partnership. c. Debt owing to the partnership. d.1/2 in favour of A and 1/2 in favour of the partnership

A is a managing partner of A and B partnership. X is indebted to A for P25,000 and the partnership for P75,000. When both debts mature, X pays A P10,000 and the latter issues a receipt for his personal credit. The payment for P10,000 shall be applied.   a. To the whole debt owing to A. b. 1/4 in favor of A and 3/4 in favor of partnership. c. Debt owing to the partnership. d.1/2 in favour of A and 1/2 in favour of the partnership

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 22P
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A is a managing partner of A and B partnership. X is indebted to A for P25,000 and the partnership for P75,000. When both debts mature, X pays A P10,000 and the latter issues a receipt for his personal credit. The payment for P10,000 shall be applied.
 
a. To the whole debt owing to A.
b. 1/4 in favor of A and 3/4 in favor of partnership.
c. Debt owing to the partnership.
d.1/2 in favour of A and 1/2 in favour of the partnership
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