Fitch and Wall have been in partnership for many years sharing profits and losses in the ratio 5:3 respectively. The following was their statement of financial position as at 31 December 2012 Goodwill 12,400 Plant and machinery 16,320 28,720 Inventory 6,420 Accounts receivable 4,100 Cash at bank 626 11,146 Total assets 39,860 Sundry accounts payable (5,928) 33,938 Capital: Fitch 19,461 Wall 14,477 Total capital 33,938 On 1 January 2013, they decided to admit Home as a partner on condition that she contributed $12,000 as her capital but that the plant and machinery and inventory should be revalued at $16,800 and $6,100 respectively, with the other assets, excepting goodwill, remaining at their book values. The goodwill was agreed to be valueless. You are required to show: (a) The ledger entries dealing with the above in the following accounts: (i) Goodwill account (ii) Revaluation accounts (iii) Capital accounts (b) The statement of financial position of the partnership immediately after the admission of Home