Chapter 12 Example Q1. Hussain and Saad bin Aqoul started a new business in 1/1/1977. Hussain invested KD 50,000 and Saad invested KD 50,000 and they agreed to share the profits and loses equally. At the end of the first year, the business made KD 10,000. a. Record the transaction for establishing the partnership b. Record the transaction for closing the profit to the partners' accounts Q2. In year 2, the partners are planning to accept a new partner (their uncle Qheta). The partners are studying three options for the new partners 1. Qheta will pay KD 10,000 to Saad for 10% of his interest 2. Qheta will pay KD 20,000 to the company (No bonus or discount to old partners) 3. Qheta will pay KD 40,000 to the company and his ownership will be 20%. The bonus or discount will be distributed equally a. Record the transaction for each independent option