Question 5 A,B and C were partners, sharing profits in the ratio of 3:2:1. On 31 December 2005, B retired, and D was admitted to the partnership, bringing in an amount of capital equal to a third of the new partnership's net assets. The balance sheet of AB and c at the 31 December 2005 was as follows: Financed By: Capital Accounts A B C The terms of the changes to the partnership were as follows: 1. Goodwill was valued at $1020000 2. Stock was written down by $60000 3. The provision for doubtful debt was reduced to 5% of outstanding debtors 4. D brought into the partnership equipment worth $345000 and the balance of his contribution was paid by cheque 5. The balance on B account was paid to him by cheque Required: Prepare following account a. The revaluation account. b. The bank account. c. The capital accounts of A,B, and C, including all entries necessary to reflect the changes in the partnership. d. Balance sheet of the partnership of A,C and D after all relevant entries have been completed in the books of the partnership's book