Solve. Its partnership topic from Business Accounting 1 Frank Wood.

Pitt, Lamb and Soul (Total 12 marks) Balance sheet as at 31 December 20xs The above partners have always shared profits and losses in the ratio: Pitt 4: Lamb 2: Soul 1. From 1 January the assets were to be revalued as the profit sharing ratios are to be altered soon. The following assets are to be revalued to the figures shown: Buildings 106,000; Motor vehicles 13,000; Stock 4,894; Office fittings 1,450. Required: (a) You are required to show all the ledger accounts necessary to record the revaluation. (7 marks) (b) Draw up a balance sheet as at 1 January 20X6