Correct time answered 03012022 060154pm 39 multiple

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Time Answered: 03/01/2022 06:01:54pm
39. MULTIPLE CHOICE:
X, Y, and Z, are brother and sisters, who are co-owners of certain lots which were then being
leased to SHELL Co. They agreed to open and operate a gas station thereat to be known as XYZ
Shell Service Station with an initial investment of P950,000 to be taken from the advance rentals
due to them from SHELL for the occupancy of the said lots owned in common by them. A joint

affidavit was executed by them which was prepared by Atty. W. Y and Z agreed to help their
brother X by allowing him to operate and manage the gasoline service station of the family. They
negotiated with SHELL. For practical purposes and in order not to run counter to the company's
policy of appointing only one dealer, it was agreed that X would apply for the dealership. Y helped
in managing the business. For some time, X submitted financial statements regarding the
operation of the business to Y and Z, but thereafter X failed to render subsequent accounting.
Hence, a demand was made on X to render an accounting of the profits. Thereafter, Y and Z filed a
complaint. Does a partnership exist between members of the same family arising from their joint
ownership of certain properties?
Time Answered: 03/01/2022 05:35:25pm
40. MULTIPLE CHOICE:
H, I, and J formed HIJ partnership. Subsequently, H died survived by his widow, W. It was agreed
between I, J, and W that W will receive 5% of the annual net income of the partnership pending
liquidation. Will W become a partner?
41. MULTIPLE CHOICE:
X, Y and Z formed XYZ partnership. V is the accountant of the partnership. In the contract of
employment between XYZ partnership and V, V will receive 15% of the net profit of the
partnership. Is V a partner?