INSTRUCTIONS: ATTEMRE ALI. OLIFTIONS. Rough work should be dooc at the buch of the answer booklet NOT on the question pager. QUESTION ONE Rice Master (RM) and Accountant Cashier (AC) are in Purthenhip business staring profits and losses in the ratio of 2:1. The statement of financial position of the firm as at December 31,2022 is shown betow, RICE MASTER \& ACCOUNTANT CASHIRR On January 1,2022 , the partners agreed to admit Akabenezzer into the firmi in ceder to open ancther. sales outiet, Akabenezzer was to contribuse GHC110,000 as capital. Ho agred to cortrithene hal capitals as follows The three partners agreed to stare profit and losses equally and current account balences are to be transferred into capital accounts. The following adjusments are to be made in the asset vilu i. Inventory should be written down by 10 efe ii. Land and building should le valued a CHC 120,000 ant plant and mantisety an (HLC 100.000 . The carrying value of the motor relicies afrotoximases the fair valee iii. In addition to the revaluation of the tangible nob-current ascti, tsientally zonerited woodwill prior to the adfmission of Akabenever was ascessed at GikC 24000 . Than is to he adjustod through the partners' eapical accounts und goodwiti is bot to be caeried on the statement of financial position. You are required to prepare: 1. Reviluation account ii. Partners' cupital account ii. Is the firm using a fixed capital approoch or fluctuating capital and why