Select the best answer. Choose A if the first statement is the only correct answer. B if the second statement is the only correct answer. C if both statements are correct and D if both statements are incorrect 1.1st-Partner A contributed accounts receivable with gross amount P1,000,000 and provided a 5% allowance of uncollectible accounts based on agreement with other partners, Total partnership assets will increase by P1,000,000. 2nd-In 2021. Partner B contributed land to the partnership. The value assigned to the land will be its fair value in 2016 at P2,000,000. 2.1st When there ten partners, there are twenty one equity accounts 2nd Partner A, a limited partner, cannot contribute money or property only. 3. 1st - Partner B, an industrial partner, is liable for the unpaid partnership liabilities when partnership assets are exhausted. 2nd - Partner A, a general partner, may contributed services only in the partnership. 4. 1st-The article of the partnership may be oral or in writing. 2nd-In addition to money and/or property contributed to the partnership. Partner A, a limited partner, may also contribute services in the partnership.