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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Transcribed Image Text: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
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