The partners have always shared profits and losses in the ratio: Cox 5: Fox 3: Lock 2.

From 1 January the assets were to be revalued as the profit-sharing ratios are to be altered soon. The following assets are to be revalued to the figures shown: Buildings \(£ 250,000\); Motor vehicles \(£ 30,000\); Inventory \(£ 14,000\); Office fittings \(£ 3,000\).

\section*{Required:}

(a) You are required to show all the ledger accounts necessary to record the revaluation.

(b) Draw up a balance sheet as at 1 January 2024.

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Buildings (at cost less accumulated depreciation) Motor vehicles (at cost less accumulated depreciation) Office fittings (at cost less accumulated depreciation) Inventory Trade receivables Bank Net assets Cox, Fox and Lock Balance Sheet as at 31 December 2023 Capitals: Cox Fox Lock Total capital 15,900 22,200 3,600 175,000 43,000 4,700 222,700 41,700 264,400 140,000 80,000 44,400 264,400