Question: Question Two: (11 marks) (B1, CI) Part A: (5 marks) Zain and Ali decide to form a partnership. Zain invests $35,000 cash and accounts receivable

Question Two: (11 marks) (B1, CI) Part A: (5 marks) Zain and Ali decide to form a partnership. Zain invests $35,000 cash and accounts receivable of $30,000 less allowance for doubtful accounts of $2,000. Ali contributes $25,000 cash and equipment having a $6,000 book value. It is agreed that the allowance account should be $3,000 and the fair value of the equipment is $10,000. Instructions Prepare the necessary journal entry to record the formation of the partnership

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