Question: Please answer clearly and accurately as required a. Khalid and Waleed form a business to be operated as a partnership. Khalid contributes RO 25,000 in

Please answer clearly and accurately as required a. Khalid and Waleed form a business to be operated as a partnership. Khalid contributes RO 25,000 in cash and Waleed invest RO 10,000.

i. Pass the journal entry to record the creation of the partnership?

b. Khalid and Waleed started an engineering consultancy and created a partnership firm and have decided to share the profits and losses equally to capital balances.

Khalid contributes RO 105,000 in cash and Waleed invested RO 15,000. Waleed as an experienced engineer is considered valuable to the business to give inputs with his technical skills

i. Pass the journal entry as per the BONUS method? ii. Pass the journal entry as per the GOODWILL method?

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