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Arshman, Aahil and Arad decided to form a partnership firm under the name of A Star Enterprises. The partners sharing profit or loss equally and
Arshman, Aahil and Arad decided to form a partnership firm under the name of A Star Enterprises. The partners sharing profit or loss equally and equal contribution in capital: Mr. Babar Invest Cash Rs. 60,000/- Merchandise inventory Rs. 55,000/- Supplies Rs. 20,000/- Office Building Rs. 250,000 and Machinery Rs. 70,000/- Mr. Aahil Invest Merchandise inventory Rs. 40,000/- Equipment's Rs. 230,000/- Furniture Rs. 10,000/- and invested sufficient Cash to reach his capital equal to Mr. Babar. Mr. Arad Invest Cash Rs. 20,000/- Furniture Rs. 90,000; Machinery Rs.50, 000/- Van Rs.100,000/- and invest Merchandise inventory to bring his capital equal to his other partners. Required: Give entries in general journal to record the investment of partners
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