Waec Model Questions Vol1 2020 Financial Accounting Question 33
Practice objective / multiple choice question 33 from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
Partners A and B share profit in the ratio 3:2. Their capital balances are A ₦150,000 and B ₦100,000. Partner C is admitted with a cash contribution of ₦80,000 for a 1/5 share of future profits. Goodwill is valued at ₦50,000 and is to be shared between A and B in their old profit‑sharing ratio. The partnership's building is revalued: original cost ₦200,000, accumulated depreciation ₦30,000, current market value ₦250,000. The revaluation surplus is to be allocated to A and B in the old profit‑sharing ratio. After admitting C and making the goodwill and revaluation adjustments, what is Partner A's new capital balance?
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About This Question
This is Waec Model Questions Vol1 2020 Financial Accounting Question 33. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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