Floyd and Merriam Start a Partnership Business on 12 June $$\begin{array} { | l | l | } \hline \text { Floyd } & \$ 47,000 \\\hline \text { Merriam } & 17,000 \\\hline\end{array}$$

Multiple Choice

Floyd and Merriam start a partnership business on 12 June 2019.Their capital account balances as of 31 December 2020 stood as follows: $$\begin{array} { | l | l | } \hline \text { Floyd } & \$ 47,000 \\\hline \text { Merriam } & 17,000 \\\hline\end{array}$$ They agreed to admit Ramelow into the business for a one-third interest in the new partnership.He had to bring in a cash contribution of $24,000 for the same.Which of the following is the correct capital account balance of Ramelow after he enters the business?

A) $24,000
B) $26,666
C) $47,000
D) $29,333