Saleem, Hani, and Osama are partners in SHO partnership. Their capital balances on 31/12/2020 are...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Saleem, Hani, and Osama are partners in SHO partnership. Their capital balances on 31/12/2020 are given below:
Saleem $ 90,000
Hani $ 60,000
Osama $ 50,000.
On 1/1/2021, Raed is accepted as a new partner. He will invest an amount of cash into the partnership, to allow him to get a 20% share in the new partnerships total capital, with no bonuses given to anyone. How much did he invest as cash?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
