The journal entry if Ahmad and Ali established a new partnership with $60,000 cash divided equally Select one: a. Debit: cash 60,000. Credit: Ahmed capital 30,000 and Ali capital 30,000. b. Debit: Ahmed capital 60,000. Credit: Ali capital 30,000 and cash 30,000 c. Debit: Ahmed capital 30,000 and Ali capital 30,000. Credit: cash 60,000 d. Debit: Ali capital 30,000 and cash 30,000. Credit: Ahmed Capital 60,000 in liquidation the loan of partner must paid before loan to bank Select one: O True False the credit side of journal entry when new partner entering the partnership is cash or assets transfers Select one: True False Question 24 Not yet answered Marked out of 1.50 P Flag question The distribution of cash to partners in a partnership liquidation is always made based on the partners income sharing ratio Select one: True False Previous page Next page Return to: General ) X + lo