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 Accounts Receivable Allowance for Doubtful Debts Stock on hand Equipment Liabilities Accounts Payable Charles's Music Assets 20,000 Accounts Receivable Allowance for Doubtful 23,000 Debts (3.000)|| Stock on hand 22.000 Equipment 52,000 Liabilities 24.000 Accounts Payable 30,000 (5,000 20,000 68,000 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-31.1: Prepare the General journal entries to form the partnership at 1 PR-31.2 Post journal entries to the General Ledger and Prepare a Trial Balance at 1 January Note: The general ledger accounts you create in Task 1 will then be used in Task 2 of January 2020 PR-B1.3: this assessment