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There are TWO Sections Section A-TWO (compulsory) questions to be attempted (60 marks weightage) Task 1 (Task 1 = Total 30% weightage) a. Differentiate between
There are TWO Sections Section A-TWO (compulsory) questions to be attempted (60 marks weightage) Task 1 (Task 1 = Total 30% weightage) a. Differentiate between dissolution of a partnership and withdrawal of a partner? With examples? (15 Marks) b. 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? (15 Marks)
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