Maraid, Wendy and Diane have been in partnership for a number of years sharing profits , and , respectively. They decide to form a limited company on 1 January 20X2, called McKee Ltd, to carry on the business. The statement of financial position of the partnership on 31 December 20X1 is as follows:

Additional information
The updated statement of financial position information at 31 December 20X1 is as follows:
1. The land is valued at £210,000 on the 31 December 20X1.
2. A machine that was purchased for £10,000 on 1 January 20W9 is now considered to be worthless. Machines are depreciated using the sum of digits method over a period of four years. On 1 January 20X2 the partners considered that this machine would have a residual value of £2,000. (The figures in the statement of financial position above have been adjusted for 20X1's depreciation charge.)
3. The financial statements for the period ended 31 December had omitted the accountancy fee for that period of £3,000.
4. During a review of the inventory on 31 December 20X1, items valued in the books at £9,000 were considered to be worth £1,000.
5. The partners received information that one of their customers, 'Seamus', is declared bankrupt. On investigation, it is estimated that Seamus will only be able to pay 20p for each £1 he owes. Seamus owes the partnership £50,000.
6. A full year's interest is still outstanding and has not yet been accrued in the above draft figures.
Required
Provide the relevant entries required for amending the statement of financial position to take account of the new up-to-date information and prepare the new updated statement of financial position.

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Statement of financial position for Maraid, Wendy and Diane as at 31 December 20X1 Cost Dep' NBV ASSETS Non-current assets Land Plant and equipment Fixtures and fittings -190,000 40,000 23,650 16,350 18,0008,000 10,000 31650 216,350 190,000 248,000 Current assets 38,000 Trade receivables Provision for doubtful debts Bank Cash 186,490 12,000) 174,490 20,500 510 233,500 49,850 Total assets EQUITY AND LIABILITIES Owners' equity Copital accounts: - Moraid 84,950 45,000 30,000 159,950 - Wendy -Dione Total equity Non-current liabilities 10% Loon Current liabilities Trade payables Total equity and liabilities 120,000 69,900 449,850