Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: ₦40,000, ₦50,000 and ₦70,000. The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for ₦50,000 cash. Wamo’s equity in the resulting partnership is
Options
A) ₦32,000
B) ₦40,000
C) ₦42,000
D) ₦50,000
The correct option is D
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