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10 Kushbu and Hardik decide to set up a partnership on 1 January 2020 for their business. Kushbu contributes cash of $32,000 and inventory with

10 Kushbu and Hardik decide to set up a partnership on 1 January 2020 for their business. Kushbu contributes cash of $32,000 and inventory with a market value of $79,000 to the partnership. Hardik, who had previously been operating as a sole trader, contributes assets and liabilities to the partnership at agreed market valuations as shown below: Cash Accounts Receivable Buildings Bank Loan Book Value in Agreed Market Hardik's Records Value $72,000 $72,000 $12,000 $9,000 $45,000 $56,000 $38,000 $38,000 Prepare the necessary journal entries to set up the partnership between Kushbu and Hardik on 1 January 2020

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