Wamo’s equity in the resulting partnership is

Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000. The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo’s equity in the resulting partnership is

A N32,000

B N40,000

C N42,000

D N50,000

Answer is D

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