Question
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $30,000 and $50,000 respectively. Ramsey is admitted
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $30,000 and $50,000 respectively. Ramsey is admitted to the partnership and is given a 10% interest by investing $20,000. What is Ortons capital balance after admitting Ramsey?
a. $56,000 b. $34,000 c. $20,000 d. $44,000
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Financial Accounting Reporting And Analysis
Authors: Earl K. Stice, James D. Stice
7th Edition
0324227329, 978-0324227321
