416.docx - Question 33 A is the managing partner in A B...

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Question 33A is the managing partner in A & B Company. X is indebted to A for P20,000 and to the partnershipfor P60,000. When both debts mature, X pays A P20,000 and the latter issued a receipt for hispersonal credit. The payment for P20,000 shall be applied: (Phil CPA, 95-1)Correct!¼ in favor of A and ¾ in favor of partnership.To the whole debt owing to A.½ in favor of A and ½ in favor of the partnership.To the debt owing to the partnership.
Question 34Torres is indebted for P5,000.00 to MACE Trading Company, a partnership managed by Mendozato whom Torres also owes P10,000.00. The two debts which are both demandable are unsecured.

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