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Question 2 (25 Marks) Beef and Steak are prestigious chefs and partners in an upmarket gourmet restaurant trading as "The Grill House". They share profits and losses in the ratio 3:2. On 31 July 2021 the statement of financial position indicated the following: 1. On 1 August 2021 Mouton obtained a one third (1/3) in interest in the partnership by depositing N$450000 into the cheque account of the partnership. 2. The partners do not want to show the general reserve on the statement of financial position after the admission of Mouton. 3. The partnership agreement states the following: 3.1 Each partner is entitled to salary of N $5000 per month. 3.2 Partners are entitled to interest on capital of 10% of the opening balance of their capital accounts. Newly admitted partners earn 10% of their contribution apportioned for the number of months that they served as partners. 4. Sales for the year amounted to N$3000000. All sales were made in cash. 5. Inventory purchases for the year amounted to N$2500000. All purchases were made in cash. 6. Inventory on hand at 31 July 2022 amounted to N$320000. 7. Operating expenses of N$160000 was incurred and paid in cash during the year. 8. Cash withdrawals by the partners during the year were as follows: REQUIRED: 1. Calculate the new profit share ratio after the admission of Mouton on 1 August 2021. (2 marks) 2. Provide the journal entries to record the admission of Mouton on 1 August 2021. Journal narrations are not required. ( 8 marks) 3. Prepare the statement of financial position of the partnership on 31 July 2022. (15 marks) Comparative figures are not required