Umar and Ahemed share profit and losses equally and have capital balances of ₦40,000 and ₦60,000 respectively. If bdullahi purchases one-third interest with...
Question 1 Report
Umar and Ahemed share profit and losses equally and have capital balances of ₦40,000 and ₦60,000 respectively. If bdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership?
Answer Details
If Abdullahi purchases one-third interest with no bonus, he will acquire one-third of the total capital of the partnership. The total capital of the partnership is the sum of Umar's capital balance and Ahmed's capital balance, which is ₦40,000 + ₦60,000 = ₦100,000. Therefore, one-third of the total capital of the partnership is ₦100,000/3 = ₦33,333. This means Abdullahi will have to contribute ₦33,333 to the partnership to acquire one-third interest with no bonus.
Hence, the answer is ₦33,333.
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