a detailed explanation especiall on ii.) would be helpful

The Capital balances of Panners Eliza and Sara are k20: 600 and K14, 400 respectively before Ruth and Tatty are admitted to the Partnership. At admission Ruth purchased One third of Eliza's interest for k8: 000 and one third of Sara's interest for k4: 200 Tatty was admitted to the Partnership with an investment ofK8, 000 For which she is to receive ownership title of KS: 000. After one year of operations, the Partnership made an income ofK7 000 and the Partners participation in net income was to be done under the following income ratios. Interest allowance of 30% annually on their capital balances, salary allowance of KI, 600, k4: 000, K3,OOO and K2: 000 to Eliza, Sara: Ruth and Tatty respectively. Furthermore: Eliza was entitled to a bonus of 10% if the difference between her salary allowance and Net income is less than k5, 000 and the residual should be shared at the ratio 111 _ Journalize the entries for the admission of Ruth and Tatty. Determine the Capital balances of Eliza and Sara after admission of Ruth and Tatty Prepare the income sharing schedule and pass the necessary joumal entry