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Mumtaz, Badia and llya are partners in a business partnership, called MBI. Mumtaz c8 contributes $10,000 and llya contributes $5,000. There is no agreement of how they will share partnership profits and losses. In addition, the partnership borrows A $30,000 from the bank. The business doesn't work out, and MBI is unable to repay the loan. The bank sues Mumtaz personally. The amount Mumtaz can legally recover from lya is: O $10.000 O 330.000 O 15.000 O $15,000

Mumtaz, Badia and llya are partners in a business partnership, called MBI. Mumtaz c8 contributes $10,000 and llya contributes $5,000. There is no agreement of how they will share partnership profits and losses. In addition, the partnership borrows A $30,000 from the bank. The business doesn't work out, and MBI is unable to repay the loan. The bank sues Mumtaz personally. The amount Mumtaz can legally recover from lya is: O $10.000 O 330.000 O 15.000 O $15,000

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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Mumtaz, Badia and llya are partners in a business partnership, called MBI. Mumtaz contributes $15,000 to the business, Badia contributes $10,000 and llya contributes $5,000. There is no agreement of how they will share partnership profits and losses. In addition, the partnership borrows A $30,000 from the bank. The business doesn't work out, and MBI is unable to repay the loan. The bank sues Mumtaz personally. The amount Mumtaz can legally recover from llya is: O $10.000 O S30,000 O 15,000 O $15,000
Transcribed Image Text:Mumtaz, Badia and llya are partners in a business partnership, called MBI. Mumtaz contributes $15,000 to the business, Badia contributes $10,000 and llya contributes $5,000. There is no agreement of how they will share partnership profits and losses. In addition, the partnership borrows A $30,000 from the bank. The business doesn't work out, and MBI is unable to repay the loan. The bank sues Mumtaz personally. The amount Mumtaz can legally recover from llya is: O $10.000 O S30,000 O 15,000 O $15,000
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