Case - 3 Hamed and Mohsin are the partners of AL Sabeel Technicals in Ibra, sharing profits and losses in the ratio of 3:2 and admitted Said on 31st December 2019 into their partnership. They agreed to give him 1/6th share of the firm. After admission they revalued their assets and liabilities and prepared new balance sheet. Firm's revaluation account and new balance sheet are given below. Revaluation Account As on 1st January 2020 Date Particulars Date Particulars Amount (OMR) 1000 1000 Amount (OMR) 1000 Furniture Debtors Stock Plant and Machinery 3000 Profit Hamed Mohsin 4 800 3200 Creditor Investment 5000 1000 10 000 10 000 Liabilities Creditors Balance Sheet As on 14 January 2020 Amount Assets Amount (OMR) (OMR) Cash 40,000 10,000 Debtors 9,000 Stock 6,000 Furniture 9,000 40,800 27,200 Plant & Machinery 33,000 20,000 Investment 1,000 Capital Hamed Mohsin Saeed 98,000 98,000 You are required to prepare; a) Balance sheet of Hamad and Mohsin on 31st December (5 marks) b) Capital accounts of all partners (3 marks) c) Why is it necessary to ascertain new profit sharing ratio even for old partners when a new partner is admitted? (2 marks)