Use the following table to answer the question Sharing ratio Capital Partner's Name Elias Mikel 20%...

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Use the following table to answer the question Sharing ratio Capital Partner's Name Elias Mikel 20% 80% OMR 70,000 OMR 120,000 New partner will be admitted to the partnership called Issa. He will bring OMR100,000 cash to the partnership. One fifth will be paid for his share of goodwill.. Which of the following is true regarding Issa admission: A) Balance c/d of Issa's Capital equal OMR75,000 B) Elias' Capital account should be debited by OMR 14,000 C) Mikel's Capital account credited by OMR16,000 D) Balance c/d of Elias's Capital is OMR66,000 Use the following table to answer the question Sharing ratio Capital Partner's Name Elias Mikel 20% 80% OMR 70,000 OMR 120,000 New partner will be admitted to the partnership called Issa. He will bring OMR100,000 cash to the partnership. One fifth will be paid for his share of goodwill.. Which of the following is true regarding Issa admission: A) Balance c/d of Issa's Capital equal OMR75,000 B) Elias' Capital account should be debited by OMR 14,000 C) Mikel's Capital account credited by OMR16,000 D) Balance c/d of Elias's Capital is OMR66,000

Answer rating: 100% (QA)

Option C is ... View the full answer