Two Sole Traders, Cheryl and Gareth, decide to form a partnership and contribute the following Cheryl Gareth Cash 3000 11000 Equipment (at cost) 45000 2000 Accounts Payable 13000 4000 Market Value of Equipment is 47,000 and 1,000 respectively Prepare the journal entries to record the investment by both parties

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Two Sole Traders, Cheryl and Gareth, decide to form a partnership and contribute the following: Cheryl Gareth Cash 3000 11000 Equipment (at cost) 45000 2000

Two Sole Traders, Cheryl and Gareth, decide to form a partnership and contribute the following:

	Cheryl	Gareth
Cash	3000	11000
Equipment (at cost)	45000	2000
Accounts Payable	13000	4000

Market Value of Equipment is 47,000 and 1,000 respectively. Prepare the journal entries to record the investment by both parties

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