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Question - Millie and Rose each contribute $40,000 cash to purchase the business of Billy Wong on 1 February 2019 for $300,000. The assets and liabilities of the business are Furniture and Fittings $40,000 with accumulated depreciation $10,000, Accounts Receivable $45,000 and Accounts Payable $5,000. These values are accepted, except that the agreed value of Accounts Receivable is $40,000. What is the journal entries to record the capital contributions of Millie and Rose and the acquisition of Billy Wong's business?
Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously.
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