A person admitted as a partner into an existing

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64. A person admitted as a partner into an existing partnership shall be liable up to the extent of his separate assets for what obligations?a. Obligations of the partnership existing at the time of his admission only if there was a stipulation b. Obligations of the partnership incurred after his admission on if there was a stipulation c. Obligations of the partnership incurred before and after his admission even of there was no stipulationd. Obligations of the partnership incurred before his admission if there was stipulation, and those incurred after his admission even if there was no stipulation.
65. PARAGON Enterprises, a partnership engaged in the garments manufacturing business, is composed of partners Pacis, Ramas and Gonzales. During the year, PARAGON bought a computerized embroidering machine amounting to P300,000.00 from Tadena with the following stipulation: down payment of P50,000.00; balance to be paid in amount equal to 20% of the monthly net profits of PARAGON until the full amount is paid.
66. MAGIC Company, is a partnership composed of Martha, Agnes, Glenda, Irene and Candice, with Martha as manager who is authorized to collect the credits of the partnership. Theresa owes Martha P4,000.00 which is due on December 10. She also owes MAGIC Company P6,000.00 which is due on
December 20. On December 15, Theresa tendered payment in the amount of P4,000.00 to Martha in payment of her debt to the latter. Martha issued her own receipt acknowledging the payment.

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