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ACCCOB1 Module 2 Exercise 2-1, 2-2

The document discusses various topics related to partnerships including: 1. Forms of business organizations based on ownership and activity. 2. The definition of a partnership as a contract between two or more people to contribute money/assets and share profits. 3. Characteristics of partnerships such as being based on a contract, having unlimited liability, co-ownership of property. 4. Contributions that can be made to a partnership like capital, skills, or both. 5. Purposes partnerships can be formed for such as profit. 6. Classifications of partnerships by type of business, partners' contributions/liabilities, and management roles. 7. Advantages and disadvantages of

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533 views4 pages

ACCCOB1 Module 2 Exercise 2-1, 2-2

The document discusses various topics related to partnerships including: 1. Forms of business organizations based on ownership and activity. 2. The definition of a partnership as a contract between two or more people to contribute money/assets and share profits. 3. Characteristics of partnerships such as being based on a contract, having unlimited liability, co-ownership of property. 4. Contributions that can be made to a partnership like capital, skills, or both. 5. Purposes partnerships can be formed for such as profit. 6. Classifications of partnerships by type of business, partners' contributions/liabilities, and management roles. 7. Advantages and disadvantages of

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Discussion Questions

1. Enumerate the different forms of business organizations based on


a.) ownership
● Sole Single Proprietorship
● Partnership
● Corporation
● Cooperative

b.) activity undertaken


● Service concern
● Merchandising or trading concern
● Manufacturing concern

2. What is a partnership?
● A partnership is a contract whereby two or more persons bind themselves to contribute
money, property or industry into a common fund with the intention of dividing
the profit among themselves.

3. What are the different characteristics of a partnership?


● Based on contract
● Voluntary Association
● Mutualagency
● Limited life
● Unlimited liability
● Co-ownership property
● Co-ownership of profit
● Legal Entity
● Income tax

4. What may be contributed in a partnership business when formed?


● Capital
● Industry/ Skill/ Profession
● Capital and Industry

5. What may be the purpose/s that a partnership is formed?


● Planet, People, Profit

6. Enumerate the different classification of a partnership form of business.


● Service
● Merchandising
● Manufacturing

7. Enumerate the different classification of partners.

According to contribution
● Capitalist
● Industrial
● Capitalist-Industrial

According to liability
● General
● Limited

According to Management
● Managing Partner
● Silent

Others
● Nominal
● Secret
● Dormant Partner

8. Enumerate the different advantages and disadvantages of a partnership form of


business.
An equity partner is a part-owner of the business, and is entitled to a proportion of the
distributable profits of the partnership.

9. What is an article of co-partnership? What are the different information included


in the articles of co-partnership?
The Article of Co-partnership helps in avoiding misunderstanding among the partners.
The written agreement among the partners governs the formation, operation and dissolution
of the partnership and is required to be registered with the Securities and Exchange
Commission(SEC).

10. What is the meaning of partner's equity?


EXERCISE 2:
1. An association of two or more persons binding themselves to contribute money,
property or industry to a common fund, with the intention of dividing
profits among themselves. PARTNERSHIP

2. A partner who contributes his work, labor or industry to the partnership. INDUSTRIAL

3. A type of partnership wherein each partner is individually liable


for the obligation of the firm regardless of the amount of personal investment. Limited Liability Partnership

4. A partner in name only and does not participate in the management of business. NOMINAL

5. A partnership characteristic which authorizes a partner to act for the partnership


And to enter in to contract binding upon it, provided these are within his express or implied
Authority. BASED ON CONTRACT

6. This is a written document which specifies the nature, terms and details of
Partnership Operations. Articles of Co-Partnership

7. A partner who is liable for partnership debts beyond his capital investment.GENERAL

8. A partnership characteristic which states that properties invested in a partnership by


a partner ceases to be his/her personal property. Co-ownership of property

9. The amount partners’ investments in the form of properties are recorded in the
Partnership Books. FAIR MARKET VALUE

10. An entry necessary to record the investment of an industrial partner. MEMORANDUM ENTRY

Exercise 2 -2. Alternate Response: Write TRUE, if the statement is correct and FALSE, if the
statement is wrong.

1. An individual must contribute capital to become a partner in a firm FALSE.

2. No entry is necessary to record the investment of an industrial partner. FALSE


3. A partnership whose capital is P3,000 pesos and above should be registered with the
Securities and Exchange Commission. TRUE

4. Accounts Receivable, if part of a partner’s investment may be recorded at net realizable


value. FALSE

5. The characteristic of unlimited liability does not apply to a limited partnership. FALSE

6. A partner who is not known as a partner but who participates actively in the management
of the partnership is called a managing partner. FALSE, SECRET

7. All partners in a general partnership are general partners. TRUE

8. Oral agreement will still bind the partners forming the partnership. TRUE

9. The partnership form of business does not have to comply with as many legal formalities
compared to a corporation. TRUE

10. Partnership form of business is best suited to the practice of professions. TRUE

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