ACCOUNT

JAMB 2018 - Question 1

Account 2018 JAMB Past Questions - Question 1: Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: #40 000, #50 000 and #70 000. The partners agree to admit Wamo as a new partner with one-fifth interest in the partership capital in exchange for #50 000 cash. Wamo's equity in the resulting partnership is

Choose the most appropriate option for the gap .
Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: #40 000, #50 000 and #70 000. The partners agree to admit Wamo as a new partner with one-fifth interest in the partership capital in exchange for #50 000 cash. Wamo's equity in the resulting partnership is
A:
B:
C:
D:
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Correct Answer

B

Explanation

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