Exam (elaborations)
PRELIM EXAM questions with correct answers
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Leo formed a partnership with Noy and invested the following assets and liabilities of his grocery store: Cash, P50,000; Merchandise, cost P30,000 and fair value P20,000; Store Equipment, book value P90,000 and fair value P50,000; Accounts Payable, P20,000; Accrued Expenses, P7,000. The entry to re...
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