Amjad and Ahmed, partners of Amjad and Ahmed LLP who share net income and losses 60% and 40%, respectively, had capital account balances of $70,000 and $60,000, respectively, on June 30, 2020. On that
Amjad and Ahmed, partners of Amjad and Ahmed LLP who share net income and losses 60% and 40%, respectively, had capital account balances of $70,000 and $60,000, respectively, on June 30, 2020. On that date Amjad and Ahmed agreed to admit Asaad to Amjad, Ahmed & Asaad LLP, Asaad purchased 30% of Amjad capital interest for $55,000 with a one-third share of net income or losses. The capital balance of Amjad after the admission of Asaad is:
Select one:
a. $39,000.
b. $91,000.
c. $21,000.
d. $49,000.
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