Question 9 Zahra and Batool are partners in Z&B Partnership with initial investment of $360,000 and $240,000, respectively. They share income and loss by 3 :2 ratio, respectively. They accepted Mariam as a new partner in the partnership. Required: Prepare Journal entries to record the admission of Mariam who invests cash of $160,000 in the partnership and receives 25% ownership interest in the new partnership. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE "," BETWEEN NUMBERS: Dr. Cash 100000 Cr. Land 100000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

Question 9 Zahra and Batool are partners in Z&B Partnership with initial investment of $360,000 and $240,000, respectively. They share income and loss by 3 :2 ratio, respectively. They accepted Mariam as a new partner in the partnership. Required: Prepare Journal entries to record the admission of Mariam who invests cash of $160,000 in the partnership and receives 25% ownership interest in the new partnership. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE "," BETWEEN NUMBERS: Dr. Cash 100000 Cr. Land 100000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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