JRA100 Partnership general journal

On 1 August 2018, she introduced additional capital of P320 000 into the business bank account. On the same date she purchased Kalane’s business. Kalane’s statement of financial position at 1 August 2018 was as follows.

Kalane
Statement of Financial Position at 31 August 2018

Non Current Assets
p
p
p
Buildings
162 000
Plant and machinery
101 000
Furniture and fittings
26 000

Current Assets
289 000
Inventory
47 000
Trade receivables
61 000
108 000
Current liabilities
Trade payables
74 000
Bank overdraft
25 000
99000
Net Current Assets
9 000
Capital
298 000
Botho agreed to buy the assets and take over the liabilities excluding bank overdraft. The purchase price was agreed at P300 000. Botho revalued some of the assets as follows.
p
Plant and machinery
86 000
Furniture and fittings
14 000
Trade receivables
46 500
Prepare journal entries to record the introduction of capital and the purchase of business by Botha on 1 August 2018. Narratives are not required.