1. Wael and Hassan are partners in a solidarity company, dividing the profits in a ratio of 7:3 respectively. On 1/1/2020, Wael’s capital amounted to 40,000 dinars, and Hassan’s capital amounted to 20,000 dinars. On this date, it was agreed to accept Fouad as a new partner in exchange for his investment of 32,000 dinars and obtaining a quarter of the head of The company's money after joining and a quarter of the distribution of profits
   Required :
   1- Preparing the daily entries for Fouad's joining by following the method of fame Statement of the partners' capital after joining by following the method of fame.
   2 - Preparing the daily entries for Fouad's joining the reward method Statement of the partners' capital after joining by following the month method.

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1 The following journal entries would be made on the date of Fouads joining Debit Credit Waels Capit... View the full answer