Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances:...
FINANCIAL
JAMB 1994
Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000. The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo's equity in the resulting partnership is
- A. N32,000
- B. N40,000
- C. N42,000
- D. N50,000
Correct Answer: D. N50,000
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