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How much should D contribute in cash of other assets

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Reference no: EM132758186

Question - The following balance sheet is presented for the partnership of A, B and C, who share profits and losses in the ratio of 5:3:2 respectively.

Assets Liabilities and Capital Cash 120,000

Liabilities 280,000

Other assets 1,080,000

A, capital 560,000 B, capital 320,000 C, capital 40,000

Total 1,200,000 1,200,000

Assume that the assets and liabilities are fairly valued on the balance sheet, and the partnership decided to admit D as a new partner with a one-fifth interest and no goodwill or bonus is to be recorded. How much should D contribute in cash of other assets?

a. 147,200

b. 184,000

c. 230,000

d. 240,000

Reference no: EM132758186

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