Question: Ely, Lisa and Beth formed a partnership. Ely contributed P50,000 cash and land with fair value P200,000 with P40,000 mortgage assumed by partnership. Lisa contributed

Ely, Lisa and Beth formed a partnership. Ely contributed P50,000 cash and land with fair value P200,000 with P40,000 mortgage assumed by partnership. Lisa contributed P60,000 cash and delivery tru...

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