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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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