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Millie and Rose each contribute $40,000 cash to purchase the business of Billy Wong on 1 February 2019 for $300,000. The assets and liabilities of

Millie and Rose each contribute $40,000 cash to purchase the business of Billy Wong on 1 February 2019 for $300,000. The assets and liabilities of the business are Furniture and Fittings $40,000 with accumulated depreciation $10,000, Accounts Receivable $45,000 and Accounts Payable $5,000. These values are accepted, except that the agreed value of Accounts Receivable is $40,000.

What is the journal entries to record the capital contributions of Millie and Rose and the acquisition of Billy Wong's business?

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