Question
The Muneer, Majid, and Mahmood partnership had two assets: (1) cash of RO 120,000 and (2) an investment with a book value of RO 330,000.
The Muneer, Majid, and Mahmood partnership had two assets:
(1) cash of RO 120,000 and
(2) an investment with a book value of RO 330,000. The ratio for sharing profits and losses is 6:3:3. The balances in the capital accounts were:
Muneer, capital: RO 45,000 Majid, capital: RO 75,000 Mahmood, capital: RO 30,000
Required: If the investment was sold for RO 240,000, how much cash would each partner have received?
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Financial Accounting
Authors: Warren, Reeve, Duchac
12th Edition
1133952410, 9781133952411, 978-1133952428
