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Anne and Del started their partnership tailoring business on 0 4 March 2 0 2 2 . The total value invested by both the partners
Anne and Del started their partnership tailoring business on March The total value invested by both the partners are as follows:
Superman Batman
Cash $ $
Accounts Receivables
Raw Material Supplies
Equipment
Computer
Land
Accounts Payable
Mortgage payables
During the year, Anne withdrawn $ and Del made a withdrawal of $ The net profit for the year stands to $ and is to be distributed among the partners based on their contribution.
Requirements:
Prepare journal entries for recording the investments by both the partners.
Journalize the withdrawals for both partners.
Close the income summary and drawing accounts with T accounts and closing entries
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