1

A, B, and C are partners in MBN firm, the income is divided in the ratio 4:3:2 respectively.

Their capital balances are as follows:

A, OMR 335000

B, OMR 244000

C, OMR 131000

-Assume D is to be admitted into the partnership on investing cash of OMR 262000 for (one third) of capital.

-Assume that B will retire after one year from the partnership and that he will be paid OMR 182000.The partnership agreed to divide income after admission of D in the ratio of 1:2:2:3

Required

(a). Prepare alternative journal entries to record the admission of D.

(b). Prepare alternative journal entries to record Bs retirement.

A, B, and C are partners in MBN firm, the income is divided in the ratio 4:3:2 respectively. Their capital balances are as follows: A, OMR 335000 B, OMR 244000 C, OMR 131000 -Assume D is to be admitted into the partnership on investing cash of OMR 262000 for (one third) of capital. -Assume that B will retire after one year from the partnership and that he will be paid OMR 182000. The partnership agreed to divide income after admission of D in the ratio of 1:2:2:3 Required (a). Prepare alternative journal entries to record the admission of D. (b). Prepare alternative journal entries to record B's retirement