On 1/1/2018 Ahmad has his own business and his balance sheet as follows ...
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Accounting
On 1/1/2018 Ahmad has his own business and his balance sheet as follows
| amount | Liabilities & capital | Amount | Assets |
| 2,400 | A/P | 15,800 | inventory |
| 5,100 | Notes payable | 18,000 | equipment |
| 44,750 | Capital | (5,300) | Accumulated deprecation |
|
|
| 4,000 | A/R |
|
|
| ( 250) | Allowance for doubtful debts |
|
|
| 16,000 | Lands |
|
|
| 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 14,500
Equipment 14,000
Lands 19,000
A/R 3,000
A/P 1,900
N/P 5,100
And agree majed paid his share in capital cash
Required:
1- Prepare journal entries
2- prepare opening balance sheet
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