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please provide the correct answer 6. Daisey invested $70,000 and Jim invested $95,000 to start a partnership on Feb 1,2023. They agree to share profit
please provide the correct answer
6. Daisey invested $70,000 and Jim invested $95,000 to start a partnership on Feb 1,2023. They agree to share profit and loss at 6:4 ratio, after paying Daisey $50,000 and Jim$25,000 salary and 10% on their capital at end of year. In addition, during the year, Daisey withdrew $30,000 and Jim withdrew $22,000. The partnership suffered a loss of $15,000 in 2023 . Prepare Journal entries to record the above transactions including adjusting entries that might be required. What would be the capital balance for Daisey and Jim at year-end. (10 marks)Step by Step Solution
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