Ahmed and Aly formed a partnership by the following contributions:

Ahmed contributes Cash of $40,000; Furniture costing $100,000 & fair market value of $80,000; Supplies $150,000; and Notes payable of $5000.

Aly contributes Cash of $40,000; Account Receivable (net) $70,000; Allowance for doubtful accounts $15,000; Salaries payable of $10,000; Building costing $100,000 and fair market value of $150,000

Required: Record the formation of the partnership.