Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need the answer as soon as possible % [ + 1 : 6. KOREK 1 point Burtaqala is allowed as a partner in Tuffaha-Rummana
I need the answer as soon as possible
% [ + 1 : 6. KOREK 1 point Burtaqala is allowed as a partner in Tuffaha-Rummana partnership. Burtaqala invests 80, 000, 000IQ in cash for a capital balance of 120, 000, OOOIQ. The income ratios are: Tuffaha 1/4 and Rummana 3/4 or 1:3 respectively. The entry to record Burtaqala's investment is: * Dr: Burtaqala, Capital (120,000, 00010) Cr: Cash (80,000, 0001Q), Tuffaha, Capital (10,000, 00010) and Rummana (30,000, 0001Q. Dr: Cash (80,000,0001Q), Tuffaha, Capital (10,000,0001Q and Rummana, Capital (30,000,0001Q), ..Cr: Burtaqala, Capital (120, 000, 00010). Dr: Cash (80,000,0001Q), Tuffaha, Capital (10,000,0001Q), Rummana, Capital (30,000,00010) and Burtaqala, Capital (120,000,000). Cr: Cash (80,000,0001Q), Tuffaha, Capital (10,000,0001Q), Rummana, Capital (30,000,00010) and Burtaqala, Capital (120,000,000)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started