Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. q2 7 points on 1/1/2018 ahmad has his own business

Q2 7 POINTS On 1/1/2018 Ahmad has his own business and his balance sheet as...

90.2K

Verified Solution

Question

Accounting

image
Q2 7 POINTS On 1/1/2018 Ahmad has his own business and his balance sheet as follows capital AP Nese 44,750 4 AR On the same date agree with Majed to establish the partnership with total capital S100.000 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 AR 3,500 1,800 5.200 And agree majed paid his share in capital cash Required: 1. Prepare journal entries 2 prepare opening balance sheet NP Q3 (6 POINTS) A) What is the approaches used when new partner enter the partnership by investing cash? please explain these approaches and discuss which approach is better? B) What is the difference between ordinary shares and preference shares

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find the lengths of the sides of the triangle PQR.|PQ| =|QR| =|RP|11P(4, -2, -1), Q(8,...

Calculus
Q

Which angles are alternate interior angles L 0 K M CORM and P RA ZLMK...

Geometry
Q

r ine laturii CD astfel nc t ED an a dintre punctul C i dreapta...

Geometry
Q

Times for an ambulance to respond to a medical emergency in a certain town are...

Basic Math
Q

A laptop computer that costs 1125 new has a book value of 525 after 2...

Algebra
Q

The table below represents a an X Y 1 2 4 3 4 9 16...

Algebra
Q

Use the Change of Base Property to find log7 50 Round to the nearest thousandth...

Algebra
Q

An accumulated depreciation account Select one: A. increases on the debit side. B. has a...

Accounting
Q

The following information pertains to Oriole Company. 1. Cash balance per bank, July 31,$7,656. 2....

Accounting
Q

A retailer uses a perpetual inventory method. At year end, the trial balance shows a...

Accounting
Q

Internal Rate of Return Method The internal rate of return method is used by Testerman...

Accounting
Q

Squeaky Window Cleaning Co. has a fiscal year that begins on September 1. On August...

Accounting