The following is the statement of financial position $($balance sheet$)$ of Banabas and Kelvin, who are

carrying on partnership business as on June $20,2018.$ Banabas and Kelvin share profit in the ratio $2$:$1.$

Statement of financial position as at $30$ June $2018.$

Portia is admitted as a partner on the date of the statement of financial position on the following terms:

$1.$ Portia will bring in P$1,000,000$ as his capital and P$600,000$ as his share of goodwill. The new profit$-$sharing ratio will be $4$:$2$:$1$ for Banabas, Kelvin and Portia respectively.

$2.$ Goodwill will be maintained in the books.

$3.$ Plant and machinery is to be appreciated to P$1,200,000$ and the value of Land and buildings is to be appreciated by $10\%.$

$4.$ Inventory is found to be overvalued by P$50,000$

$5.$ A provision for doubtful debts is to be created at $5\%$ of trade receivables.

$*$ Prepare the: i$)$ Revaluation account $[4],$ ii$)$ Partners$$ capital accounts $[8],$ and iii$)$ Statement of financial position of the constituted firm after the admission of Portia $[8].$