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Salim and Fahim are partners in a LLP have capital account balances of $30,000 and $20,000, respectively, and they share net income and losses in
Salim and Fahim are partners in a LLP have capital account balances of $30,000 and $20,000, respectively, and they share net income and losses in a 3 : 2 ratio. Karim invests $30,000 for a one-fourth interest in net assets. The total capital of the LLP before admission of Karim is:
a.
$60,000.
b.
$80,000.
c.
$70,000.
d.
$50,000.
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