On Jan. 1, 2019 Mr. F, Mr. G and Mr. T agree to start a partnership named Grand caf. The capital of the partnership is $ 90,000 and its divided between partners equally (the capital of each partner is $30,000) the partner presented their shares of capital as follows:

Mr. F presented $30,000 cash.

Mr. G presented the following assets: cash 10,000 Equipment $20,000.

Mr. T presented his proprietorship assets and liabilities as follows:

	Book Value	Fair Value
Cash	5000	5,000
Inventory	15,000	8,000
Equipment	40,000	25,000
Accumulated depreciation	10,000
Accounts payable	8,000	10,000

Required:

1. Prepare the required entries and the starting balance sheet.
2. The balance sheet at Jan. 1 2019 (statement of financial position)