Problem: A, B and C are solidary debtors to X and Y (solidary creditors) in the amount of PhP600,000.00. 1. How much is the liability of each solidary debtor to each of the solidary creditor? Explain your answer. 2. Assuming solidary debtor A paid solidary creditor X, what is the effect on the obligation? What is the right acquired by solidary debtor A after complying with the obligation? On the other hand, what is the obligation of solidary creditor X to the other creditor? EXPLAIN YOUR ANSWERS.
Problem: A, B and C are solidary debtors to X and Y (solidary creditors) in the amount of PhP600,000.00. 1. How much is the liability of each solidary debtor to each of the solidary creditor? Explain your answer. 2. Assuming solidary debtor A paid solidary creditor X, what is the effect on the obligation? What is the right acquired by solidary debtor A after complying with the obligation? On the other hand, what is the obligation of solidary creditor X to the other creditor? EXPLAIN YOUR ANSWERS.
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 24MCQ
Related questions
Question
Problem: A, B and C are solidary debtors to X and Y (solidary creditors) in the amount of PhP600,000.00.
1. How much is the liability of each solidary debtor to each of the solidary creditor? Explain your answer.
2. Assuming solidary debtor A paid solidary creditor X, what is the effect on the obligation?
What is the right acquired by solidary debtor A after complying with the obligation?
On the other hand, what is the obligation of solidary creditor X to the other creditor?
EXPLAIN YOUR ANSWERS.
Problem: MM (debtor) binds himself to deliver to PP (creditor) a brand new 60 inch. Samsung t.v. set, or a Macbook Pro laptop, or a two-door Samsung refrigerator. Prior to the date of delivery, MM's Macbook Pro laptop was stolen.
1. What is the effect of the loss of the laptop to the obligation of MM? Explain your answer.
2. What if the Macbook Pro laptop was lost due to the fault of MM, what is the effect on his obligation to PP? Explain your answer.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning