You are logged in as Saraswati Aw Jack and Jill, who were operating separate competing businesses, decided on 1 July 2021 to form a partnership by contributing cash, assets and liabilities of their respective businesses. At that date the fair values of the assets and liabilities were as set out below. Jack Particulars Jill ($) ($) 180 200 Cash at Bank 000 000 Accounts 24 000 15 000 receivable Inventory 90 000 80 000 1