Tom and Jerry are two sole traders that have joined together to form a partnership by combining their net assets.

Jerry contributes:

Cost value Fair value

Cash $$20000$

Accounts receivable $12,000$ $$10,500$

Tom contributes:

Plant and Equipment $$40,000$ $$38,000$

Accumulated depreciation $$5,000$

Bank overdraft $$4,000$

The amount credited to Jerry's capital account is:

a$.$

$$28500.$

b$.$

$$30500.$

c$.$

$$(10500).$

d$.$

$$32000$