Partnership Question No. 04 - Admission of New partney Saman and Kamal have been in partnership for many years sharing profits and losses in the ratio 5:3 respectively. The following was their statement of financial position as at 31 December 2017 Rs Goodwill Plant and machinery Rs 12,400 16,320 28.720 Inventory Accounts receivable Cash at bank 6,420 4,100 626 Total assets 11.146 39.866 Sundry accounts payable Total assets less current liabilities (5.928) 33.938 Capital: Saman Kamal Total capital 19,461 14,477 33.938 On 1 January 2018, they decided to admit Nimal as a partner on the condition that she contributes Rs 12,000 as her capital but that the plant and machinery and inventory should be revalued at Rs 16,800 and Rs 6,100 respectively, with the other assets, remaining at their book values. The goodwill was agreed to be valueless. 12.000 You are required to prepare: a. The ledger entries dealing with the above in the following accounts: i. Goodwill account, ii. Revaluation accounts, iii. Capital accounts b. The statement of financial position of the partnership immediately after the admission of Nimal as a partner. (Total 20 Marks)