Question 4 The Statement of Financial Position of Abby and Daneel at 31 March 2016 is as follows: Non-current assets Buildings Fittings 51,000 29,000 80,000 Current assets Inventory 16,000 Accounts receivable 5,000 21,000 101,000 Current liabilities Bank o/d 3,000 Accounts payable 8,000 (11,000) 90,000 Financed by: Capital accounts Abby Daneel wwwwww The partners share profits and losses: Abby 3/5and Daneel 2/5. At the date of the balance sheet, it was agreed to admit Emeil who was to bring in cash of $25,000 into the firm as capital. The new profit and loss ratio would be Abby 2, Daneel 1/3 and Emeil 1/6. The old partners agreed the following revaluations prior to the admission of Emeil. Any goodwill arising is to remain in the ledger. $ Buildings 55 000 Furniture 27 000 Inventory 15 500 Accounts receivable 4800 Goodwill 12.000 Accrued expenses 300 Required: A. Prepare the journal entries to record the change (6 marks) B. Prepare the Revaluation Account (6 1/2 marks) C. Prepare Capital Accounts (6 1/2 marks) D. Prepare the Statement of Financial Position asset April 1, 2016. (6 marks) 60,000 30,000 90.000