Jack and Lewis have been in partnership for some years sharing profits and losses equally. They had no partnership agreement. Their statement of financial position at 30 September 2015 showed the following information. Non-current assets Net current assets 230 000 60 000 290 000 Capital accounts Jack Lewis 200 000 70 000 270 000 Current accounts Jack Lewis Opening balance Share of profit Drawings Closing balance 31 000 15 000 (21 000) 25 000 17 000 15 000 (37 000) (5000) 20 000 290 000 Additional information: On 1 October 2015 Albert joined the partnership. A partnership agreement was drawn up. The terms set out in the agreement were: - 2 Profits and losses are to be shared equally. Interest is to be charged at 5% on drawings. Interest is to be allowed at 10% on capital. 3 Page 5 of 7 The following also took place: Albert introduced capital of $80 000, which he paid into the business bank account. - 2 Goodwill was valued at $60 000 but no goodwill account is to be maintained in the books of account. 3 Non-current assets were revalued at $270 000. 4. The inventory value was to be reduced by $4000. REQUIRED (a) Prepare the capital accounts of the partners after the admission of Albert