Reference no: EM132759418
Question - George, Bill, Donald and Joe formed the Uncle Sammy Partnership and engaged in the business of supplying vaccines to various countries in the world. The contributions are as follows:
Bush - Land and building (assessed value: P100Million)
Bill - P100 Million
Donald - P200Million + movables (appraised value: P100Million)
Joe - Industrial partner
At the end of the term of the partnership, the following are the circumstances of the partnership:
Collectibles from customers buying on credit - P300Million
Inventory - P500Million worth of vaccines
Other property assets - P500Million
Bank deposits - P300Million
Shares of stock in Aunt Amie Corp. - P5Million
Unpaid salaries of employees - P1Million
Utilities (current) - P500Thousand
Payable to suppliers - P200Million
Bank loan balance - P50Million
Payable to Donald - P25Million
Pledged donation to victims of Covid - P5Million
Miscellaneous expenses at time of dissolution - P1Million
Several months ago, Bill's ex-girlfriend Monika filed a case for damages against Bill and the court ordered Bill to pay her a settlement amount of P2Million. Bill charged the amount to his share in the Uncle Sammy Partnership.
Required -
1. What is the cause of dissolution of Uncle Sammy Partnership?
2. What are the assets of Uncle Sammy Partnership?
3. What are the liabilities of Uncle Sammy Partnership?
4. What is the effect of the personal liability of Bill to Monika charged to his share in the partnership?
5. Wind up the partnership affairs (of Uncle Sammy Partnership).
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