(a)[6]
Calculate the net sum that Amir and Ishan owe Raj.
(b)[12]
Prepare the statement of financial position for the new partnership as at 1 July 2019. Use the next page for your workings.
(c)[4]
Explain two reasons why Amir and Ishan would choose to borrow from Raj rather than from the bank.
(d)[3]
Advise whether Amir, Ishan and Raj ought to admit Lala as a partner. Support your answer with reasons.