Gill and Zaahir are in the business of supplying and installing solar panels in the form of a partnership trading as Solar Installations. Gill and Zaahir share profits and losses in the ratio 1:2 respectively. On 31 May 2023 the following information was extracted from the accounting records of the partnership:

Additional information

- Gill and Zaahir agreed to admit Brian as a new partner from 1 June 2023.

- Brain will contribute the following to acquire a third of the net asset share of the partnership:

Cash.......................................................................R23 200

Solar Installation Equipment........................R130 000

- Gill and Zaahir agreed to relinquish the 1/3 share equally.

- All other assets were revalued before admitting Brian to the partnership.

- A valuation profit was correctly calculated at R68 400