karim and rahim sole traders were doing business separately.on january 1997 their balance sheets showed the following postings: Karim cash:rs15000 rahim cash:rs20000 karim account receivable:rs30000 rahim account recievable:rs40000 karim office equipment:rs70000 rahim office equipment:rs60000 karim allowance for depreciation office equipment:rs40000 rahim allowance for depreciation office equipment:rs35000 karim allowance for bad debts: rs3000 rahim allowance for bad debts:rs1500 karim account payable:rs32000 rahim account payable:rs30000.
On January 1, 1997 they decide to form a partnership by merging their businesses. All the assets and liabilities were turned over to the new firm on the following agreed values.
Required:Give the necessary entries in the general journal of newly formed partnership of karim and rahim as on jan 1,1997.
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