Paper 1 May/June 2002 Economics (9708) A Level
AS Level
A Level
X and Y are in partnership sharing profits and losses equally. They have combined capital account balances of $\$ 200000$.
Z was admitted as a partner. Non-current assets were revalued upwards by $\$ 30000$. Goodwill was valued at $\$ 20000$ but was not to be retained in the books of account.
Following Z’s admission the total of the partners’ capital accounts was $\$ 270000$.
How much capital did Z contribute?