PART B On 1 July 2022 Spider and Man decided to form a limited company [Spiderman (Pty) Limited] to acquire the partnership business. The company was incorporated on 1 July 2022 (seen as end of day of 30 June 2022) and acquired the partnership business on the same day. The summarized 2022 was as follows: Current account: Man For the purposes of the acquisition of the business by Spiderman (Pty) Limited, the assets were revalued as follows: Spiderman (Pty) limited did not take over the bank account. Any balance remaining on the partner's capital accounts when the partnership books were closed was settled by the payments into or from the partnership bank account. The purchase consideration was R4.2 million, settled by the issue of 1.6 million Spiderman (Pty) Limited shares of R2.50 each, fully paid to Spider and Man in their profit sharing ratios