Mr$.$ Salman and Mr$.$ Shahrukh joined a partnership business for providing home design consultancy on $1$ January $2022.$ Their features of their contribution are:

Mr$.$ Salman

Mr$.$ Shahrukh

Cash

$ $31,000$

$$26,000$

Accounts Receivables

$7,500$

$5,000$

Office Supplies

$1,200$

$-$

Computer

$1,000$

$900$

Equipment

$3,000$

$3,500$

Office Possession

$16,500$

$20,000$

Accounts payable

$3,300$

$1,100$

Mortgage payables

$2,400$

Notes payables

$2,000$

On August $25,$ Shahrukh had withdrawn $$15,600$ and on September $11$ Mr$.$ Salman had invested an additional $$6,000$ in the business. The first years net profit stood at $$96,000$ and the allocation has to be made according to their individual investments.

Requirements

Prepare the journal entries for both the partners to record the transactions.

Prepare the journal entries to record the withdrawals and investments.

Close the income summary and drawing accounts allocating the profit.

Provide closing journals for Income Summary and distribution of profit.