What is the order of payment of liabilities of a

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39. What is the order of payment of liabilities of a dissolved limited partnership using the codenumber representing each liability?DI. Those owing to general partners other than for capital or for profits.II. Those owing to creditors including limited partners, except those to limited partners on account oftheir contributions and general partners.III. Those owing to limited partners by way of their share in the profits and other compensation by wayof income.IV. Those owing to limited partners in respect to the capital of their contributions.V. Those owing to general partners in respect of capitalVI. Those owing to general partners in respect of profits.a.I, II, III, IV, V, VIb.II, I, III, IV, V, VIc.II, I, III, IV, VI, Vd.II, III, IV, I, VI, V
B40. Which of the following will not cause the automatic dissolution of a limited partnership?
c. Insolvency of a general partnerd. Insanity of a general partnerD41. One of the distinctions between a partnership and a corporation is that a partnership:B
42. Belinda, Ara, Rica and Klaudia are partners in BARK Enterprises, a pet shop, with Belindacontributing P50,000.00, Ara, P20,000.00 and Rica, P30,000.00. Klaudia is an industrial partnerand manages the partnership. Based on the foregoing information, which of the followingstatements is false?C
43. Josephine, Ellen, Wilma, Edith and Lydia are partners in JEWEL Company, Ltd. Josephine, Ellenand Wilma are general partners, Edith is a general-limited partner, while Lydia is a limitedpartner. Based on the foregoing information, which of the following statement is false?a. Josephine, Ellen and Wilma may be held liable with their separate property after the exhaustion ofpartnership assetsb. Edith may participate in the management of the partnershipc. Edith may not be held liable with her separate property for partnership debts after the exhaustion ofpartnership assetsd. Lydia may not be held liable with her separate property for partnership debts after the exhaustion ofpartnership assets

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Term
Winter
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Managing Partner

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