3,000 Following is the balance sheet of partnership business of Mr. Manas and Mr. Bahadoor who share profits and losses in the ratio of 2:1 Balance sheet as on 31st December 2018 Liabilities OMR Assets OMR Sundry creditors 8,000 Cash in hand Sundry debtors 12,000 Capital: Stock 15,000 Manas 22,000 Furniture 8,000 Bahadoor $4,000 plant and Machinery 26,000 64,000 64,000 On that date Mr. Sadik is admitted into partnership on the following terms: 1. Mr. Sadik is to bring in OMR 15,000 as his capital and OMR 6,000 as premium for goodwill for 1/6 share 2. The furniture is reduced by OMR 2,000 3. The value of stock is appreciated by 10% while plant and machinery is depreciated by 5% 4. A provision for doubtful debts is to be created by 5% on sundry debtors. 5. OMR 250 is to be provided for an outstanding liability for electricity bill 6. A creditor Of OMR 2,000 who is not likely to claim his debt Q1. Prepare Revaluation account 2 Marks Q2. Prepare capital accounts of partners 2 Marks Q3. Draft the balance sheet of the firm after admission of the partner. 6 Marks