Happy with your knowledge and answers regarding Partnerships, the company assigns you a client Sam and Lisa, both are sole traders and decided to join their businesses together and form a partnership on 1 July 2021 known as Jim Handyman. They ask you to prepare a journal of each owners contribution for their new partnership business. Here is the information that Sam and Lisa have provided to you.

Sam contributes the following to the partnership

Cash $140,000

Furniture and Fittings $30,000

Motor Vehicle $15,000

Accounts Receivable $5,000

Accounts Payable $10,000

Lisa contributes the following to the partnership

Cash $120,000

Office Equipment $100,000

Stock $35,000

Accounts Receivable $20,000

Accounts Payable $5,000

They also agree to purchase the business Jim Handyman for $100,000 on 31 December 2021. These values are accepted, except that the agreed value of Accounts Receivable is $32,000.

Inventory	$25,000
Accounts Receivable	35,000
Motor Vehicles	37,000
Accounts Payable	8,000

Task 8

You are required to classify, code and check the provided financial data for its accuracy and reliability according to AASB and organisational requirement in order to record the following general journal entry:

The Capital contribution of Sam and Lisa to Jim Handyman

The acquisition of Jims Handyman business

The payment of the purchase consideration to Jims Handyman

General Journal

Date	Particulars	Debit	Credit