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Anne and Del started their partnership tailoring business on 04 March 2022. The total value...

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Accounting

Anne and Del started their partnership tailoring business on 04 March 2022. The total value invested by both the partners are as follows:
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Cash $53,000 $50,100
Accounts Receivables 7,0003,000
Raw Material Supplies 10,0000
Equipment 12,50030,000
Computer 1,2002,000
Land 111,000250,000
Accounts Payable 31,0007,000
Mortgage payables 11,0008,000
During the year, Anne withdrawn $8,000 and Del made a withdrawal of $4,000. The net profit for the year stands to $118,000 and is to be distributed among the partners based on their contribution.
Requirements:
1. Prepare journal entries for recording the investments by both the partners.
2. Journalize the withdrawals for both partners.
3. Close the income summary and drawing accounts with T accounts and closing entries
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