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Mr. A, Mr. Band Mr. C agreed to form a partnership. Mr. A will contribute cash in the amount of P100,000; Mr. B will contribute land which originally cost P 500,000 with a fair Market value of P 1,000 and mortgage payable in the amount of P 200,000; and Mr. C contributed a brand new equipment amounting to P 300,000. Based on the following contributions. The total Assets of the partnership is O P1,600,000 O P1, 400,000 P 1,200,000 P 700,000

Mr. A, Mr. Band Mr. C agreed to form a partnership. Mr. A will contribute cash in the amount of P100,000; Mr. B will contribute land which originally cost P 500,000 with a fair Market value of P 1,000 and mortgage payable in the amount of P 200,000; and Mr. C contributed a brand new equipment amounting to P 300,000. Based on the following contributions. The total Assets of the partnership is O P1,600,000 O P1, 400,000 P 1,200,000 P 700,000

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 2BD
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Mr. A , Mr. B and Mr. C agreed to form a partnership. Mr. A will contribute cash in the amount of P100,000; Mr. B will contribute land which originally cost P 500,000 with a fair Market value of P 1,000 and mortgage payable in the amount of P 200,000; and Mr. C contributed a brand new equipment amounting to P 300,000. Based on the following contributions. The total Assets of the partnership is O P1.600,000 OP1.400.000 O P1.200,000 O P 700.000
Transcribed Image Text:Mr. A , Mr. B and Mr. C agreed to form a partnership. Mr. A will contribute cash in the amount of P100,000; Mr. B will contribute land which originally cost P 500,000 with a fair Market value of P 1,000 and mortgage payable in the amount of P 200,000; and Mr. C contributed a brand new equipment amounting to P 300,000. Based on the following contributions. The total Assets of the partnership is O P1.600,000 OP1.400.000 O P1.200,000 O P 700.000
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