Kayode Akpan and Kachalla are in partnership Th... - JAMB Accounting 1994 Question
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 option: d
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