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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: SupermanBatmanCash$53,000$50,100Accounts Receivables7,0003,000Raw Material Supplies10,0000Equipment12,50030,000Computer1,2002,000Land111,000250,000Accounts Payable31,0007,000Mortgage payables11,0008,000 During the year, Anne withdrawn $8,000 and Del made a withdrawal of $4,000.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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