Refer to the data presented in exercise 8.2. Assume further that Price and Stewart agree that their opening capital balances in the new partnership should be the same and set the amount at $380 000.

Required Prepare separate journal entries to record the initial investment of each partner, assuming assets are recorded by the business to reflect their purchase price, and the arrangement is GST-free.

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Cash at Bank Accounts Receivable Inventory $ 26 140 53 960 90 640 Equipment 202 350 Goodwill 63 400 Accounts Payable $56 490 Ali, Capital 380 000 Cash at Bank 22 590 Accounts Receivable 44 400 Inventory 71 300 Equipment 124 650 Goodwill 166 920 Accounts Payable 49 860 Fillipidis, Capital 380 000