Cash Flow Example Example data: Mark up = 5% Activity Duration (day) 4 6 2 8 4 A B D E F G H I J K Total Cost (LEX 1000) 04.00 12.00 04.00 16.00 20.00 20.00 16.00 24.00 12.00 12.00 10.00 Total Revenue (LEX 1000) 04.20 12.60 04.20 16.80 21.00 21.00 16.80 25.20 12.60 12.60 10.50 10 16 8 6 6 10 29/09/2016 Emad Elbeltagi 18 Assignment 1 A PARTNER SHIP IS FORMED WITH 2 PERSONS SMITH AND JONES, SMITH INVESTED S 80,000 cash into the business. Jones invests equipment having a book value of S7000 and a market value of $10,000 with accumulated depreciation of 5,000 and A/R for 50,000 but he expects to collect only 45,000, Jones also invested inventory valued at $ 5000 and a cash for $ 40,000 he however has an Mortgage payable for $ 15,000. Prepare the journal entries to record the formation of a partnership