1) Ahmad and Ali are partners share profits and losses equally after Ahmad receives annual salary $15000. During 2019 the company earned net income 12000.

Required: make journal entry to close net income?

2) A and B with a capital balances on 1/1/2020 :40,000 for A , 60,000 for B . A and B share profits and losses equally. At that date C is admitted as a new partner, he purchases 10% interests from each for 25,000 paid directly to A and B. Make journal entry to record the admission of C ?