Question
Saleem, Hani, and Osama are partners in SHO partnership. Their capital balances on 31/12/2020 are given below: Saleem $ 50,000 Hani $ 50,000 Osama $
Saleem, Hani, and Osama are partners in SHO partnership. Their capital balances on 31/12/2020 are given below:
Saleem $ 50,000
Hani $ 50,000
Osama $ 40,000.
On 1/1/2021, Raed is accepted as a new partner. He will invest an amount of cash into the partnership, to allow him to get a 30% share in the new partnerships total capital, with no bonuses given to anyone. How much did he invest as cash?
(Note: write your answer as a number only, with No dollar signs or commas)
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Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
