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Q1. Benton and Orton are partners who share income in the ratio of 1:3 and have capital balances of $70,000 and $30,000, respectively. Ramsey is admitted to the partnership and is given a 40% interest by investing $20,000. What is Benton's capital balance after admitting Ramsey?
a. $63,000
b. $20,000
c. $70,000
d. $7,000
Q2. Partners Ken and Macki each have a $40,000 capital balance and share income and losses in the ratio of 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $80,000, Macki's capital account will
a. decrease by $40,000
b. decrease by $16,000
c. increase by $24,000
d. decrease by $24,000
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