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What the cash paid by l is

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Problem 1: W and J who share profits and losses in the ratio of 3:7 are partners with capital balances of P40,000 and P60,000, respectively. L is to be admitted into the partnership for 20% interest in the capital of the firm. If assets are revalued and the capital balances of W and J after recording the admission of L are P52,000 and P88,000, respectively, the cash paid by L is

a. 35k
b. 10k
c. 20k
d. 15k

Reference no: EM132826312

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