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Ahmed, Ali, Faisal, and Mohamed Partnership firm has the following Balance sheet at March 1, 2023, prior to the admission of new partner, Tameem.

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Ahmed, Ali, Faisal, and Mohamed Partnership firm has the following Balance sheet at March 1, 2023, prior to the admission of new partner, Tameem. Assets Amount $ Liabilities +Capital Amount $ Cash & Current 50,000 Liabilities 650,000 Assets Land PPE 500,000 Ahmed capital 90,000 700,000 Ali capital 190,000 Faisal capital 120,000 Mohamed capital 200,000 1,250,000 1,250,000 Tameem Wendy contributes $80,000 into the partnership for an interest agreed at 15% of total long- term assets (land +PPE). The four original partners share profits and losses equally. Requirement: (round off decimal places) a) Pass journal entry to record the admission of Tameem. (Using Bonus Method) b) Draw the Balance sheet dated March 2023. (Using Bonus Method) c) Pass journal entry to record the admission of Tameem. (Using Goodwill Method) d) Draw the Balance sheet dated March 2023. (Using Goodwill Method)

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