Question 3 On 31 December 2019, after several years in partnership together, Ron and Reg decide to admit a new partner called Jack to their partnership. Ron and Reg have always shared profits in the ratio 1:1 respectively. The following is a statement of financial position for the partnership as at 31 December 2019, just before Jack is admitted: Non-current assets Property Current Assets 160,000 20,000 180,000 Capital Accounts Ron Reg 70,000 60,000 130,000 Current Accounts Ron Reg 30,000 20,000 50,000 180,000 Additional information: 1) Ron, Reg, and Jack will share all profits in the ratio 2:2:1 respectively. 2) The property has a market value of 200,000 that needs to be reflected in the accounts. 3) Goodwill is valued at 50,000 and is not to be presented in the statement of financial position of the partnership 4) Jack will introduce cash of 100,000 into the partnership, 10,000 of which is to be put into his current account. 5) Ron will also introduce further capital of 20,000 cash to the partnership as part of Jack's admittance. Requirements: Prepare the following t-accounts in relation to the above to reflect the admittance of Jack as a partner: i. Revaluation account. Capital accounts of the partners. Current accounts of the partners. iii. (18 Marks) Total: 18 Marks