Question
1.Benson and Orton are partners who share profit/loss in the ratio of 2:3 . Benson has a capital balance of $50,000 and Orton has a
1.Benson and Orton are partners who share profit/loss in the ratio of 2:3. Benson has a capital balance of $50,000 and Orton has a capital balance of $30,000. Ramsey is admitted to the partnership and is given a 40% ownership interest by investing $20,000 in cash. What is Benson's capital balance after admitting Ramsey?
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
