Balance Sheet as al 1 May 2015 FINAMCIAL ACCOUNTING 1 The following agreement was made and carried out: - Sarah is to pay R11 200 for her share of goodwill, this sum is to be immediately withdrawn by Prince and Quinton. - Sarah is to bring in R8 000 as her capital. - Land and buildings, plant and machinery, and fumiture to be reduced by 20%, inventory to be revalued at R17400 and provision of 5% to be made lor doubtful debts. - The proportions of the new partnership to be Prince four-ninths, Q three-ninths, S two-ninths; any excess of capilal of Prince and Quinton to be transferred to loan accounts to be opened in their names. Raquired: - Show all journal entries. (18) - Prepare the Revaluation account. (7)