A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2020 · Q121 Mark
Adil and Bashir were in partnership sharing profits and losses in the ratio 2:1. Chandra joins the partnership and profits and losses are now to be shared between Adil, Bashir and Chandra in the ratio 3:2:1. The balances of the partners' capital accounts prior to Chandra joining the partnership are as follows: $ Adil 20000 Bashir 10000 Goodwill is to be valued at $36000 and is not to be retained in the books of account. What is the balance on Adil's capital account after Chandra joined the partnership?
A$20000
B$26000
C$38000
D$44 000
✓ Correct answer
B: $26000
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