Example 1-3 Sufian and Amar are partners in a Partnership. Income is shared 60%,40% : respectively. Below is the Balance Sheet of Sufian and Amar, who are carrying on partnership business as on March 31, 2016. Ali is admitted as a partner on the date of the balance sheet; Ali will share 30% of the capital after admission, and share 30% in profits after admission. A reassessment of the assets is as the following terms: - Fair value for equipment is $6000, and Furniture is $1000. - Fair value for inventory is $25000, and the allowance for doubtful debts is to be created of $1000. - One of the Notes Receivable is bad debts with value $600 Required: - Journalize the entry to record the revaluation the assets & the admission of Ali - Prepare revaluation Account - Prepare financial position before the admission and after evaluation the assets - Prepare financial position after the admission. - Calculate the new profit-sharing ratio after the admission