John, Shawn & Vaun formed partnership injecting equal amounts of Equity shown below:
John: Cash Rs. 150,000 and Land worth Rs. 750,000;
Shawn: Cash Rs. 500,000 and merchandise inventory for the balance;
Vawn: Computers & other Equipment worh Rs. 500,000 and balance in cash;
(a) Pass journal entries in the General journal of the firm;
(b) Prepare balance sheet in classified form on the formation of the partnership firm.
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