Amount (RO) Q2 The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Liabilities Creditors Assets Amount (RO) 80,000 Cash at Bank 60,000 Bills Payable 32,000 Stock 100,000 General Reserves 40,000 Debtors 120,000 Capital Accounts A 160,000 Furniture 32,000 B 140,000 Land and Buildings 240,000 100,000 552,000 552,000 They Admit D into Partnership giving him 1/5th share of profits on the following terms: D brings in his capital Provision is be made for outstanding expenses Goodwill already appears in the books Furniture is to be written down by Stock is to be depreciated by 100,000 84,000 80,000 12.50% 7.50% Land and Buildings is to be appreciated by 15.0% Write the Necessary Journal Entries. Prepare Revaluation Account, Capital Accounts and Balance sheet of the firm as newly constituted.