Question
Amer, Kamal, and Fadi have income ratios of 3:5:2 and capital balances of $40,000, $75,000, and $45,000, respectively. Kamal sells his interest to Khaled (New
Amer, Kamal, and Fadi have income ratios of 3:5:2 and capital balances of $40,000, $75,000, and $45,000, respectively. Kamal sells his interest to Khaled (New Partner) for $75,000 cash. The debit side entry is made by the partnership for this transaction is:
Khaled 75000
Amer 40000
Kamal 75000
Kamal 60000
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
14th Edition
978-0132960649, 132960648, 132109174, 978-0132109178
