On 1/1/2018 Ahmad has his own business and his balance sheet as follows Assets Amount...
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Accounting
On 1/1/2018 Ahmad has his own business and his balance sheet as follows Assets Amount Liabilities & amount capital inventory 15,800 A/P 2,400 equipment 18,000 Notes payable 5,100 Accumulated (5,300) Capital 44,750 deprecation A/R 4,000 Allowance for doubtful ( ( 250) debts Lands 16,000 Furniture 4,000 52,250 52,250 On the same date agree with Majed to establish the partnership with total capital $100,000 divided equally between them Ahmed agree to transfer the following assets and liabilities and paid the balance cash Assets fair value Inventory 12,500 Equipment 12,000 Lands 22.000 A/R 3,500 A/P 1,800 Allowance for doubtful (250) debts Lands 16,000 4,000 Furniture 52,250 52,250 On the same date agree with Majed to establish the partnership with total capital $100,000 divided equally between them Ahmed agree to transfer the following assets and liabilities and paid the balance cash Assets fair value Inventory 12,500 Equipment 12,000 Lands 22,000 A/R 3,500 A/P 1,800 N/P 5,200 And agree majed paid his share in capital cash Required: Prepare journal entries 2- prepare opening balance sheet
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