Gabi and Arun are in partnership sharing profits and losses in the ratio 2:1. On 31st May 2020, it was agreed to admit Shoma into the partnership for a one-fifth share of the profit. Shoma's contribution is $5 000 cash. The following balances were extracted on 31st May 2015 from the partnership book.

11:44 ~ X X 44% Capture.PNG Statement of Financial Position (Extract) of Gabi and Arun as at 31st May 2015 Assets S Equities S Inventory 10 000 Accounts Payable 35 000 Cash at Bank 5 000 Capital - Gabi 50 000 Accounts Receivable 8 000 Current - Gabi 3 500 Equipment 20 000 Capital - Arun 30 000 Land 100 000 Current - Arun 3 000 Building 55 000 O