please dont use T format

PR-B Task 1 - Formation of a Partnership Partnership Agreement on Formation of the Partnership: 1. Ray and Charles have agreed to bring ALL the net assets of their existing sole trader businesses into the partnership business at the following values. Agreed values of each partner's respective net assets Ray's Music Assets Cash at bank $ Charles Music Assets 20 000 Accounts Recev Allowance for Doub 23.00 petos 30.000 5.000 Accounts Receivable Allowance for Doutou Debts Stock on hand Equipment Liabilities Accounts Payable 3.000 22.000 32.000 Stoon hand Euipment 20.000 65 od 2400 Liabilities Account Pay 13.000 2. The partners agreed that (a) Their capital contributions in the partnership must $100,000 each and (b) If the value of their respective net assets brought in from their sole trader entities does not equal this amount then adjustments must be made to identify either goodwill or a loan to the partnership (by the partner) when introducing their net assets to the partnership accounts Your Instructions Using this information you are required to PR-81.1 Prepare me General journeres to form me partners January 2020 PR-312 Postjournalenses to the General Ledger and PR-81.3 Prepacean Pie pre a trial balance 1, dan PR-B Task 2 - Operating a Partnership and Appropriation of Profits The following is a summary of cash transactions which occurred during the period 1 January 2020 to 30 June 2020. . On 1st April the Ray contributed another $10,000 cash as capital to the partnership On 1st May Charles loaned the partnership 512,000 cash repayable in 5 years. Cash Purchases of Stock for the period to 30 June $110,000 (GST inclusive) Cash Marketing expenses for the period to 30 June $ 11,000 (GST inclusive) Cash Administrative expenses for the period to 30 June $ 22,000 (GST inclusive) Cash Sales for the period to 30 June $275,000 (GST inclusive) Cost price of cash sales $125,000 Payments made to partners for period to 30 June Salaries paid in cash Ray $24.000 Charles $26,000 Drawings taken in cash: $15,000 Charles $20,000 Ray Your Instructions: PR-82.1: Record the above transactions for the period ended 30 ore 2020 in the General Journal and post to the General Ledger PR-822 Identity record the following adjustments in the General ou post to the General Ledger (a) Assockare at 30 June Valued Stook on hand at $15.000 (1) Equipment to be deprecated using the straighted at 10:00 per annum c) Ses to be adjusted to ensure compliance with the Pathe Agreement Intermit on partnerston as per the Parts Agent PR-B2.3. Close the accounts : 30 June 2020 and transfer et profitar los to the Profit and Los Arropriation account PR-824: Record General Joumal entries to account for entitlements and charges. The distribution of profit or loss and the first of the counts for the period ended on June 2020 in accordance with the Partnership Agreement and general Accounting principles and practices post to the General Ledger and prepare a final Balance at 30 June PR-B25 Review, verty and have all transactions and Tristance authored by you ressor before preparing the end of your financial reports PR-82.6: Prepare the following financial reports (a) An Income Statement for the period ended 30 June 2020 (b) A Balance Sheet at 30 June 2020 (c) A Statement of Cashflows for the period ended 30 June 2000