Leonard and Robert have been trading as partners for some time sharing profits and losses in the ratio 2:1. On 29 February 2020 their statement

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Leonard and Robert have been trading as partners for some time sharing profits and losses in the ratio 2:1. On 29 February 2020 their statement of financial position was as follows: NS ASSETS Non current assets Property Vehicles Furniture Goodwill 100 000 20 000 10 000 30 000 Current assets: Inventory Accounts receivables Bank Total assets 48 000 62 000 19 000 289 000 EQUITY AND LIABILITIES: Equity Capital accounts Leonard Robert 150 000 75 000 Current accounts Leonard Robert Non current liabilities: Loan 6000 4000 40 000 Current liabilities: Accounts payables Total equity and liabilities 14 000 289 000 On 1 March 2020, they decided to admit Laurinda to the partnership on the following conditions: 1. The assets have be revalued as follows: Furniture Goodwill Inventory Vehicles Property N$ 8 500 45 000 45 000 17 000 130 000 2. An allowance for credit losses of NS 3 000 was to be created 3. Laurinda will obtain 1/5 share of the partnership and it was agreed that she would pay a premium for goodwill for her share. 4. Leonard and Robert will share the remaining profits in the ratio 3:2. Leonard and Robert must make cash payments or withdrawals in order to get their balances in line with their profit sharing ratios. 5. Goodwill should not be disclosed in the statement of financial position after the admittance of Laurinda. REQUIRED MARKS a) Calculate the capital amount that Laurinda must contribute for 1/5 share in the partnership b) Calculate the new profit sharing ratio of the partners after the admission of Laurinda. c) Prepare the capital accounts of the partners in columnar format. Draft the statement of financial position immediately after the admission of Laurinda to the partnership