Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. Each of them contributed a number of items to the partnership, which are listed below. All tangible assets are listed at their market value. Amy Razul Cash Equipment Bank Loan $46,000 194.000 85,000 Cash Furniture Accounts Payable S62.000 78,000 40.000 On March 1, Razul and Amy added a new partner to the business. Sheila. Sheila will contribute S105,000 and receive a 30% share of the business. Use the capital balances from January 1 to determine any bonuses. Assume the existing partners will split any bonus evenly During the year, Razul and Amy withdrew $22,000 and 518,000 respectively and the business reported a net income of $450,000. Their partnership agreement provided for sharing of net income (loss) on the following basis 1. Salary of $65,000 is allocated to Razul, 552,000 to Amy, and $23,000 to Sheila 2. Interest is allocated at 8% of each partner's opening capital balance 3. Remainder is shared where Razul gets 38%, Amy gets 27%, and Sheila gets 35% a) Prepare the journal entries to record the contributions of each partner to start the partnership 8 Marks Date Account Title and Explanation Debit Credit b) Prepare a schedule showing the changes in capital and ending capital balances after the admission of Sheila. Razul Sheila Total e) Prepare the journal entry to record the admission of the new partner on March 1. 4 Marks Date Account Title and Explanation Debit Credit