Raj and Timoci, who were operating sole-trading businesses, decided to amalgamate their businesses on 1 January, 2020 to form a partnership and trade as Raj and Timoci Traders. At the date of the amalgamation the financial position of their businesses were as follow: Balance Sheet of Raj Enterprises as at 31 December, 2019 Assets $ $ Equities $ Cash at bank 7 500 Accounts payable 4 800 Accounts receivable 6 500 Accrued expenses 100