Question 4 Oscar and Felix have been trading in partnership sharing profits equally Jack owns a similar business in a nearby location. On July 1 2021, Oscar and Felix agreed to admit lack to the partnership on the basis that all partners share profits and losses equally You are required to: a) Prepare the General Journal entries for the revaluations b) Prepare the Equity Adjustment account Record the admission of Jack in the General Journal Oscar and Felix - Balance Sheet as at 30 June 2021 S s s 35,000 81,000 2,700 78,300 151,200 Assets Cash at bank Accounts Receivable Less allowance for doubtful debts Stock Furniture and equipment Less accumulated depreciation Delivery vehicles Less accumulated depreciation Liabilities Creditors Accrued expenses Net Assets 7,200 14,400 7,200 18,000 13,500 4,500 276,200 76,500 13,500 90,000 186,200 Owner's Equity Capital - Oscar Current-Oscar Capital - Felix Current -Felix 99,900 94,500 5,400 85,500 800 86,300 186,200 Before the admission of Jack: Partnership assets were re-valued as follows: Accounts Receivable 578,000 Stock 152,000 Delivery vehicles 5,400 Fumiture & equipment 13,000 Jack's capital in the new partnership was to be valued at $80,000. Comprising of Motor Vehicle 20,000 Stock 20,000 Cash 50,000 . General Journal Date Particulars Debit Credit Equity Adjustment Account Date Particulars Debit Credit Balance c) General Journal Date Particulars Debit Credit