1 (25 marks) Xee, Yee, and Zee are in a partnership and share profits and losses in the ratio of 2:2:1 respectively. Xee decides to retire from the partnership on 31 December 20.22. Yee and Zee decide to admit a new partner, Alpha, to the partnership on the same day. The new profit-sharing ratio for the partners Xee, Yee, and Alpha will be 3:2:1 respectively. Condensed Statement of financial position of the partnership at 31 December 20.22 ASSETS Non-current assets R Property, plant and equipment - Land and buildings 80 000 Current assets 102 000 Inventories 48 000 Trade accounts receivable 36 000 Cash and cash equivalents 18 000 Total assets 182 000 EQUITY AND LIABILITIES Capital: 168 000 Capital - Xee 56 000 Capital - Yee 74 000 Capital - Zee 38 000 Current liabilities Trade Accounts payable 14 000 Total equity and liabilities 182 000 Additional information: (1) The following agreement was reached for the purpose of the change of ownership: a. Goodwill will be calculated at three times the average fee income for the past two years. b. Goodwill should not be shown as an asset. c. Credit losses should be provided for at 10% of the carrying amount of the trade accounts receivable. d.Inventories should be valued at R60 000. e.Land and buildings are valued at market value, namely R140 000. (2) Fee income for the past two years was R65 000 and R73 000 respectively. (3) Alpha will contribute R80 000 in cash to the business. (4) Tangible assets must be shown at the revalued amounts. (5) The partners decided to use the going-concern perspective. Ignore all forms of taxes QUESTION 1: REQUIRED Prepare the following partnership accounts as at 31 December 20.22. 1.1 Partners' capital accounts 1.2 Valuation account Marks 16 9 TOTAL MARKS 25 Answers are to comply with relevant International Financial Reporting Standards (IFRS's). Show all calculations clearly