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X, Y and Z formed a partnership with a capital of P100,000 - X contributing 50% of the capital, Y 30%, and Z 20%

Accounting Jan 13, 2022

X, Y and Z formed a partnership with a capital of P100,000 - X contributing 50% of the

capital, Y 30%, and Z 20%. A, a creditor who has a claim of P200,000 against the

partnership, filed a case to collect his claim.

1. Whose assets are liable to satisfy the debt? Why?

2. Explain the extent of liability of X, Y and Z.

Whose assets are liable to satisfy the debt, and explain the extent of liability of X, Y and Z. Cite the applicable provision.

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