5 Question 6 Makor, Degbe and Sesenyo were in partnership sharing profits one half, one-third and one sixth respectively. On 1 January 2019 they admitted Asinyo into the partnership on the following terms: Asinyo to have one-sixth share which he purchased from Makor, paying her GH20,000 for that share of goodwill. Of this amount, Makor retained GH15,000 and put the balance into the firm as additional capital. Asinyo also brought GH12,500 capital into the firm It was agreed that the investments should be reduced to their market value of GH49,000 and that the plant should be reduced to GH14,500 as at 31 December 2018. The Statement of Financial Position of the old firm as at 31 December 2018 was as follows: GHC GHC 17,500 5,000 15,000 37,500 Non-Current Assets Plant Furniture Investment Current Assets Inventory Receivables Bank 25,000 30,000 20,000 75,000 Current Liabilities Payables (52,500) 22,500 60,000 Capital Makor Degbe Sesenyo 30,000 20,000 10,000 60,000 Required: a' Prepare the opening statement of financial position of the new firm as at 1 January 2019. b. Prepare the capital accounts of the partners for the year to 31 December 2018. 6 Question 7 Mensah and Asamoah have been in partnership for several years. Up to 30th September 2015 the partnership agreement stated that there should be no partners salaries and partners should not receive any interest on capital put into the business. It was agreed that profit and losses were shared equally between Mensah and Asamoah