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Thursday, 28 March 2019

Practice Question 2: Partnership formation of Mr. Anas & Mr. Saad

Difficulty level: Low









On January 1st 20xx Mr Anas and Mr Saad started a partnership business of trading gold jewllery. They decided to share profit and loss equally. Following are the details of their investment.

Mr. Anas                 RUPEES

CASH IN HAND           10,000
CASH AT BANK           20,000
FURNITURE                 25,000
SUPPLIES                     50,000

Mr. Saad

CASH IN HAND           15,000
CASH AT BANK           20,000
FURNITURE                 25,000

REQUIRED: Prepare journal entries in the books of new partnership firm.

Answer: Will be updated shortly.


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