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What is the amount of total assets of the partnership

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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 P60,000 cash and delivery truck with carrying value P100,000 and fair value P120,000. Beth contributed P40,000 cash and used equipment with historical cost P50,000 and fair value P30,000. What is the amount of total assets of the partnership?

Reference no: EM133139244

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