Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Partner Ibrahim sold its share in equity of 80,000 SR in the partnership to a new partner Rana paying cash of 100,000 SR to Rana.

Partner Ibrahim sold its share in equity of 80,000 SR in the partnership to a new partner Rana paying cash of 100,000 SR to Rana. What is the journal entry to record that transaction in the books of partnership? A. Dr. Capital Ibrahim 100,000 SR, Cr. Capital Rana100, 000 SR. B. Dr. Capital Ibrahim 80,000 SR, Cr. Capital Rana 80,000 SR. C. Dr. Cash 100,000 SR, Cr. Capital Rana 100,000 SR. D. Dr. Cash 80,000 SR, Cr. Capital Rana 80,000 SR

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey of Accounting

Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi

3rd Edition

978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856

More Books

Students also viewed these Accounting questions

Question

List the characteristics of wellset goals.

Answered: 1 week ago

Question

Distinguish between short-term and long-term goals.

Answered: 1 week ago

Question

Describe several strategies for relieving stress.

Answered: 1 week ago