X, Y and Z were partners. X is an industrial partner.

During the first year of

operation, the firm realized a profit of P60,000. During the second year, the firm
sustained a loss of P30,000. So the net profit for the two years of operation was
only P30,000. In the articles of partnership it was agreed that X the industrial would
get 1/3 of the profit but would not share in the losses. How much was X the
industrial partner get? (Phil CPA, 87-2)u wered

X will get only P20,000 in the first year and none in the 2nd year.

X will get only P20,000 which is the 1/3 of the profit of the 1st year of operation.

X will get only P10,000 which is 1/3 of the net profit.

X will share in the loss in the second year.

Which of the following is not a requisites prescribed by law in order that a

partnership may be held liable to a third party for the acts of one of its partners?
(Phil CPA, 87-1)

The partner must have the authority to bind the partnership.

The partner must act on behalf of the partnership.

The partner binds the partnership by acquiescence for obligations he may have
contracted in good faith.

The contract must be in the partnership name or for its account.