The Statement of Financial Position of Akoko and Okiki who shared profits and losses three-fifth and two-fifth respectively is presented below: AKOKO, OKIKI & ASSOCIATES STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 N Premises Motor vehicle Less: depreciation N 300,000 200,000 (60,000) 140,000 440,000 Current Assets: Inventories 160,000 Receivables 100,000 Bank 40.000 300,000 740,000 Capital: Akoko 400,000 Okiki 200,000 600,000 Current Liabilities: Payables 140,000 740,000 On 31 December 2016, the partners decided to convert the partnership to a Limited Company on the following terms: Omona Limited was formed for the conversion. All assets (except bank) were taken over at book values but premises was revalued by the Company at N600,000. Payables were taken over by the Company. The agreed consideration was N960,000 to be discharged by the issue of 800,000 ordinary shares of N1.10 per share and N80,000 in cash. Akoko and Okiki received 400,000 shares each. Conversion cost of N10,000 is to be borne by the partners. Required: Prepare the realisation account, cash account, Omona Limited and Partners capital accounts in the ledger of Akoko, Okiki & Associates to record the conversion of the partnership firm. (20 marks)