QUESTION 1 (4 Marks) A and B were partners in a firm sharing profits and losses in the ratio of 3:2. On 14 April 2020 their Balance Sheet was as follows: Balance Sheet of A&B (as on 18 April 2020) OMR OMR Cash 70,000 Debtors 200,000 Less: Provision (10,000) 190,000 Stock Furniture Buildings Land 220,000 120,000 300,000 400.000 1.300.000 Creditors Bills Payable General Reserve Capitals: B 120,000 180,000 120,000 500,000 380.000 880.000 1.300.000 On 1st April 2020 they decided to admit Cinto partnership giving him 1/5 share. He brings in OMR as his share of capital and OMR as his goodwill. The partners decided to revalue the assets as follows 0 Land was to be appreciated by __ _% and Buildings was to be depreciated by OMR c) Furniture value was to be reduced by OMR (m) Provision for bad debts is to be increased to OMR Required: (a) You are required to show all the ledger accounts necessary to record the revaluation (b) Draw up a balance sheet as at 1 April 2020