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Question - X and Y has capital balances of 150,000 and 180,000 respectively. Z is to invest 60,000 for 15% in the partnership interest and also in profits and losses. There is an undistributed net income in the amount of 80,000. Partners X and Y share profits and losses 65:35.
1. How much is the capital credit of Z upon his admission?
a. 70,500 c. 72,000
b. 61,500 d. Answer not given
2. How much is the bonus to partner X from partner Z?
a. 10,500 c. nil amount
b. 6,825 d. Answer not given
3. Assume that an equipment is overvalued, how much is the share of partner Y in the overvaluation of the equipment?
a. 45,500 c. 24,500
b. 28,000 d. Answer not given
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