Leno joins the partnership of Kingsley and Mccaffrey by paying $95000 in cash. If the net assets of the partnership are still the same amount after Leno has been admitted as a partner then Leno

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Quizplus · Accepted Answer

If the net assets of the partnership remain the same after a new partner is admitted, it means that the amount contributed by the new partner is equal to the amount they are receiving in return from the partnership. Therefore, Leno must have paid $95000 for the purchase of a partner's interest in the partnership.

Leno Joins the Partnership of Kingsley and Mccaffrey by Paying