Anwar and Rashi are partners sharing profit and loss in the ratio of 3:2. Their Balance Sheet as on 31st March 2018 is as under: Liabilities Sundry Creditors Bills Payable Balance sheet Amount Assets Amount 48,000 Land & Buildings 120,000 50,000 Plant & Machinery 90,000 Stock 33,000 Sundry Debtors 15,000 Less: provision for 165,000 doubtful debts 1,000 14,000 30,000 Cash 6,000 Goodwill 30,000 Capital: Anwar 90,000 Rashid 75.000 Profits & Loss A/C 293,000 293,000 They decided to admit Sultan into the partnership with effect from 1st April 2015 on the following terms: a) Sultan to bring in R.O 60,000 as Capital for 1/3rd share of profits but he was unable to bring his share of goodwill in cash. b) Goodwill was valued at R.O 45,000 c) Land was valued at R.O 150,000 d) Stock was to be written down by R.O 8,000 e) The provision for doubtful debts was to be increased to R.O 3,000 Creditor includes R.O 5,000 no longer payable and this sum was to be written off 9) Investments of R.O 10,000 are brought into books. Required: Prepare Revaluation A/C, Capital A/c and Balance Sheet of the new firm a)Do you think goodwill is required to value and show in the statement of financial Position (Balance sheet) of all type of business organizations. Yes/No Comment on this (Imark) b) You are required to discuss the various factors that can give rise to goodwill of a business organizations (2marks) c) You are required to explain the various method for the valuation of goodwill of a Partnership business, also show in your answer at least one practical example for each valuation methods using imaginary figures. (6marks)