Apel, Ere and Inie are in partnership sharing profits and losses in the ratio 3:2:1 respectively. The statement of financial position for the partnership as at December 31, 2020 is as follows: Non-current assets GH GH Premises 90,000 Plant 37,000 Vehicles 15,000 Fixtures 2,000 144,000 Current assets Inventory 62,379 Accounts receivable 35,740 98,119 Current liabilities Accounts payable 1 9,036 Loan - Inie 28,000 Bank overdraft 4,200 47,456 46,883 Net assets 190,883 Capitals Apel 88,714 Ere 62,491 Inie 39,678 Total capital 190,883

Additional information Inie decided to retire from the business on 31st December, 2020 and Pee is admitted as a partner on that date. The following matters are agreed: i. Apel and Ere are to share profits in the same ratio as before, and Pee is to have the same share of profits as Ere. ii. The following assets were revalued: Premises for GH120,000 Plant for GH35,000 Inventory for GH54,179 iii. Provision is to be made for doubtful debts in the sum of GH3,000. iv. Goodwill is to be recorded in the books on the day Inie retires in the sum of GH42,000. The partners in the new firm do not wish to maintain a goodwill account so that amount is to be written back against the new partners' capital accounts. v. Inie is to take his car at its book value of GH3,900 in part payment, and the balance of all he is owed by the firm in cash except GH20,000 which he is willing to leave as a loan account. vi. The partners in the new firm are to start on an equal footing so far as capital accounts are concerned. Pee is to contribute cash of GH82,091. vii. The original partner in the old firm who has the higher investment will draw out cash so that his capital account balances equal those of his new partners. 3 Required: prepare a. Revaluation account b. Goodwill account c. Retiring partner's (Inie) account d. Bank account e. Partners capital account f. A statement of financial position for the partnership of Apel, Ere and Pee as at December 31, 2020. show working.