answer of questions

Jack and Jill, who were operating separate competing businesses, decided on 1 July 2021 to form a partnership by contributing cash, assets and liabilities of their respective businesses. At that date the fair values of the assets and liabilities were as set out below. Particulars Jack ($) Jill ($) Cash at Bank 180 000 200 000 Accounts receivable 24 000 15 000 Inventory 90 000 80 000 Plant and equipment 180 000 140 000 Accounts payable 25 000 16 000 Assuming that Jack and Jill agree that their capitals should be equal to the fair value of the net assets contributed. Calculate the amount of their capital. Show calculations and write the answer in the space provided below