=+8. No revaluation of non-current assets was required at any time during the year.

Requirement In order to account for the admission of Clarke to the partnership and, in light of the above adjustments, draft each of the following:

(a) The income statement for the year ended 31 December 2001.

(b) The balance sheet as at 31 December 2001. .

(c) The partners’ individual capital accounts as at 31\December 2001.