Fitch and Wall have been in partnership for many years sharing profits and losses in the ratio 5 : 3 respectively. The following was their balance sheet as at 31 December 20X2. 552 Goodwill Plant and machinery Stock Debtors Cash at bank Sundry creditors Capital: Fitch Wall 12,400 16,320 Chapter 43 l Revaluation of partnership assets 6,420 4,100 626 11,146 ( 5,928) 5,218 33,938 19,461 14,477 33,938 On