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Mr. Ahsan, Mr. Bindy and Mr. Chong created a partnership business with equal amount ofcapital...

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Accounting

Mr. Ahsan, Mr. Bindy and Mr. Chong created a partnership business with equal amount ofcapital as follows: Mr. Ahsan: cash RM300,000.00, office equipment worth RM500,000.00. Mr. Bindy:cash RM700,000.00 and merchandise for the balance amount. Mr. Chong: machinery worth RM560,000.00 and cash for the balance amount. As per their partnership deed, the capital of each partner would be equal to the capital of Mr.Ahsan. Required: c) Prepare Statement of Financial Position on the formation of the partnership firm in theclassified form

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