Home Insert Page Layout Formulas Data Review View Help K13 fx A B C D E F G 1 2 H Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. SA Consulting assists business owners 3 with their accounting needs. Each partner contributed a number of items to the partnership, which are listed below. All 4 tangible assets are listed at their market value. 5 6 Razul 7 Cash 8 Equipment $40,000 190,000 Cash Furniture 9 Bank Loan 80,000 Accounts Payable 10 Amy $60,000 70,000 30,000 11 On March 1, Razul and Amy added a new partner to the business, Sheila. Sheila will contribute $100,000 and receive a 35% 12 share of the business. Use the capital balances from January 1 to determine any bonuses. Assume the existing partners will 13 split any bonus evenly. 14 15 a) Prepare the journal entries to record the contributions of each partner to start the partnership. 567 Account Title and Explanation Debit Credit 16 17 Date 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 bl Prepare a schedule showing the changes in capital and ending capital balances after the admission of Sheila. 8 marks + Commen K M N