ACCT 102- assignment 5 - PARTNERSHIPS Question 1: On Jan. 1, 2019 Nabil, Gaber and Ali agree to start a partnership named Saudi consultation. The capital of the partnership is SR 120,000 and is divided between partners equally (the capital of each partner is SR40,000) the partners presented their shares of capital as follows: Nabil presented SR40,000 cash Gaber presented the following assets: cash 15,000 - car SR25,000 Ali presented his proprietorship assets and liabilities as follows: Cash Inventory Equipment Accumulated depreciation Accounts payable Book Value 8000 15,000 40,000 10,000 8,000 Fair Value 8,000 7,000 30,000 5,000 Prepare the required entries and the starting statement of financial position. Date Jan. 1 Debit Credit Jan. 1 Jan. 1 The balance sheet at Jan. 1 2019 (statement of financial position) Assets Liabilities and Equity