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this is the full question from my accounting book Q1: On January 3rd, Amar and Natasha agree to start a partnership. Amar contributes $12,000 cash
this is the full question from my accounting book Q1: On January 3rd, Amar and Natasha agree to start a partnership. Amar contributes $12,000 cash while Natasha contributes a $10,000 vehicle. Make the necessary journal entries. In its first year (Dec 31 year-end), the business generates income of $29,000. The partners have agreed that Amar will have salary allowance of $12,000 while Natasha will earn $15,000. The partners will also receive 5% interest allowance on their latest capital balances. Any remaining profit/loss will be split based on capital balances. Make the necessary journal entries (show your calculations). On January 1, Amar withdraws $7,000 cash and Natasha withdraws $9,000. Make the necessary journal entries. Assuming no withdrawals, calculate the current capital balances. On January 4th, Amar sells half his shares to Gus for $20,000. Make the journal entry. Compute the current capital balances. On January 31s, the partnership pays Amar $16,000 for his remaining shares. Make the journal entry
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