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Nasser and Anther doing their business separately, On January 01512022 they decided to join their business under the name and style of NA Traders. The
Nasser and Anther doing their business separately, On January 01512022 they decided to join their business under the name and style of NA Traders. The following balances are taken from their books of account at the time of formation of partnership firm. They agreed that assets of Nasser valued 150,000 merchandise, 1,000,000 Equipment and 1,200,000 Machinery, receivable and liabilities by self. They agreed that assets of Ather valued 140,000 merchandise, 2,000,000 Equipment and 1,200,000 Machinery, receivable and liabilities by self. Required: - Give entries in general journal to record the investment of partners - Prepare Initial Balance sheet
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