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Prepare necessary journal entries from the following transactions related with a Takaful product. (2 mark) Contribution received from new participants $1,000. An amount of $2500

Prepare necessary journal entries from the following transactions related with a Takaful product. (2 mark)

Contribution received from new participants $1,000.
An amount of $2500 received as contribution renewal from participant.
Advanced contribution received from new participants $2000.

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