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Ahmed contributes cash of $ 1 2 , 0 0 0 and Fatima contributes Office equipment that cost $ 1 0 , 0 0 0

Ahmed contributes cash of $12,000 and Fatima contributes Office equipment that cost $10,000but valued at $8,000, during the first-year partners earn a profit of $5,000. Assume the partners agreed to share the profit and loss equally.1. Prepare a journal entry to form the partnership? (3 marks)2. How much profit should each partner earned?

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