Amjad and Ahmed, partners of Amjad and Ahmed LLP who share net income and losses 60% and 40%, respectively, had capital account balances of $70,000 and $60,000, respectively, on June 30, 2020. On that date Amjad and Ahmed agreed to admit Asaad to Amjad, Ahmed & Asaad LLP, Asaad purchased 30% of Amjad capital interest for $55,000 with a one-third share of net income or losses. The capital balance of Amjad after the admission of Asaad is: إختر أحد الخيارات: a. $39,000. b. $49,000. c. $21,000. d. $91,00
Amjad and Ahmed, partners of Amjad and Ahmed LLP who share net income and losses 60% and 40%, respectively, had capital account balances of $70,000 and $60,000, respectively, on June 30, 2020. On that date Amjad and Ahmed agreed to admit Asaad to Amjad, Ahmed & Asaad LLP, Asaad purchased 30% of Amjad capital interest for $55,000 with a one-third share of net income or losses. The capital balance of Amjad after the admission of Asaad is: إختر أحد الخيارات: a. $39,000. b. $49,000. c. $21,000. d. $91,00
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 21P
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Amjad and Ahmed, partners of Amjad and Ahmed LLP who share net income and losses 60% and 40%, respectively, had capital account balances of $70,000 and $60,000, respectively, on June 30, 2020. On that date Amjad and Ahmed agreed to admit Asaad to Amjad, Ahmed & Asaad LLP, Asaad purchased 30% of Amjad capital interest for $55,000 with a one-third share of net income or losses. The capital balance of Amjad after the admission of Asaad is:
إختر أحد الخيارات:
a.
$39,000.
b.
$49,000.
c.
$21,000.
d.
$91,000.
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