Amir, Tamer and Sameer are partners in a partnership firm sharing profits and losses on the basis of 40:35:25 respectively and their capital balances are $100,000, $80,000& $40,000 respectively. Maher was admitted to the partnership firm by making an investment of $100,000 with 30% ownership interest. :Amir, capital after admitting Maher is .a $89,400 .b $101,600 .C $104,000 .d $100,000

Amir, Tamer and Sameer are partners in a partnership firm sharing profits and losses on the basis of 40:35:25 respectively and their capital balances are $100,000, $80,000& $40,000 respectively. Maher was admitted to the partnership firm by making an investment of $100,000 with 30% ownership interest. :Amir, capital after admitting Maher is .a $89,400 .b $101,600 .C $104,000 .d $100,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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