The aim of this paper is to introduce generalized condition (B) in a quasi-partial metric space acknowledging the notion of Künzi et al. [Künzi H.-P. A., Pajoohesh H., Schellekens M. P., Partial quasi-metrics, Theoret. Comput. Sci., 2006, 365, 237-246] and Karapinar et al. [Karapinar E., Erhan M., Öztürk A., Fixed point theorems on quasi-partial metric spaces, Math. Comput. Modelling, 2013, 57, 2442-2448] and to establish coincidence and common fixed point theorems for two weakly compatible pairs of self mappings. In the sequel we also answer a rmatively two open problems posed by Abbas, Babu and Alemayehu [Abbas M., Babu G. V. R., Alemayehu G. N., On common fixed points of weakly compatible mappings satisfying generalized condition (B), Filomat, 2011, 25(2), 9-19]. Further in the setting of a quasi-partial metric space, the results obtained are utilized to establish the existence and uniqueness of a solution of the integral equation and the functional equation arising in dynamic programming. Our results are also justified by explanatory examples supported with pictographic validations to demonstrate the authenticity of the postulates.