Q2: Record transactions relating to partnerships in this case an admission of a new partner using the following information using journal entries ( 5 marks)

M Sharma and J Jassi have a partnership where they tutor students online and in which they share profit and loss equally. There is a $40, 000 balance in each capital account. Record the journal entries on September 1 for each of the independent events below:

1. Sharma and Jassi agree to admit H.Missan for their tutoring company as a new one-fourth interest partner. Missan pays $16,000 cash directly to Sharma and Jassi.

2. Sharma and Jassi agree to admit H.Missan as a new one fourth interest partner. H. Missan contributes $32,000 to the partnership