QUESTION ONE SISI and MIMI are in partnership sharing profits and losses equally. On 31 December 2006 they decided to admit LAR as a partner. Their trial balance as at this date was as follows: DR CR GHE000 GH'000 Capital Accounts: SISI 900,000 MIMI 900.000 Current Accounts SISI 495,000 MIMI 450,000 Creditors 895.000 Premises 780,000 Plant and machinery 600,000 Motor Vehicles 450,000 Fixture 215.000 Office Equipment 180.000 Stock 480,000 Debtors 685.000 Cash at Bank 320,000 Prepayments 80,000 Accruals 350.000 3.790,000 2.790.000 The following additional information is available: LAR was to contribute a capital of GH400,000,000 for one-fifth share of profit. b. Goodwill was to be brought into the books at GHc120,000,000 c. Assets were revalued at: GH'000 Premises 1.200,000 Plant and Machinery 540,000 Motor Vehicles 400.000 Office Equipment 92,000 Debtors 645,000 Stocks 440,000 The partners are to share profit in the ratio of 2:2:1 after the admission of LAR The partners consider the goodwill as non-purchased and as such should not be carried in the books of accounts One of the motor vehicles which was considered unservice he was transferred to MIMI Valuation of GH15,000,000 Required: i Revaluation account: ii. Partner's capital accounts iii. Statement of Financial Position as at 31" December, 2006 after admitting LAR. (15 marks)