A and B Advocates and M and N Advocates were practicing firms of advocates. On 1 January2020, they agreed to amalgamate the partnerships into one firm, Able and Mine Advocates. The accounts of the separate partnerships have been prepared annually to 31 December, The agreed profit and loss sharing ratios in the old and the new firms were as follows: The balance sheet extracts of the partnerships as at December 2019 were as follows: You can now record yourself and your screen at the same time 1) Provision on bad and doubtful debts was to be made at 5% of the accounts receivable 2) A and M Advocates was to take over the assets of the partnership at the following agreed values: Total capital and liabilities 50,000 30,000 Additional information 1) Provision on bad and doubtful debts was to be made at 5% of the accounts receivable 2) A and M Advocates was to take over the assets of the partnership at the following agreed values: 3) The investments of A and B Advocates were sold on 1 January 2020 for Sh.8, 000,000. 4) The capital for A and M Advocates amounted to sh.75, 000,000 which was contributed by the partners in their profit sharing ratios, any adjustments being made in cash. 5) The client account and the accounts payable were settled immediately on amalgamation. Required: Prepare the following accounts to record the above transactions: i. Realisation accounts ii. Capital accounts iii. Cash accounts iv. A and M Advocates account (3 marks) (3 marks) (4 marks) (4 marks) A and B Advocates and M and N Advocates were practicing firms of advocates. On 1 January2020, they agreed to amalgamate the partnerships into one firm, Able and Mine Advocates. The accounts of the separate partnerships have been prepared annually to 31 December, The agreed profit and loss sharing ratios in the old and the new firms were as follows: The balance sheet extracts of the partnerships as at December 2019 were as follows: You can now record yourself and your screen at the same time 1) Provision on bad and doubtful debts was to be made at 5% of the accounts receivable 2) A and M Advocates was to take over the assets of the partnership at the following agreed values: Total capital and liabilities 50,000 30,000 Additional information 1) Provision on bad and doubtful debts was to be made at 5% of the accounts receivable 2) A and M Advocates was to take over the assets of the partnership at the following agreed values: 3) The investments of A and B Advocates were sold on 1 January 2020 for Sh.8, 000,000. 4) The capital for A and M Advocates amounted to sh.75, 000,000 which was contributed by the partners in their profit sharing ratios, any adjustments being made in cash. 5) The client account and the accounts payable were settled immediately on amalgamation. Required: Prepare the following accounts to record the above transactions: i. Realisation accounts ii. Capital accounts iii. Cash accounts iv. A and M Advocates account (3 marks) (3 marks) (4 marks) (4 marks)