Wilson, Player, and Sharp are in partnership. They shared profits in the ratio of 2:4:3. It is decided to admit Titmus. It is agreed that goodwill is worth £72,000 and that it is to be brought into the business records. Titmus will bring £30,000 cash into the business for capital. The new profit sharing ratio is to be Wilson 5: Player 8: Sharp 4: Titmus 3. The statement of financial position before Titmus was introduced was as follows: £ Assets (other than in cash) 200,000 Cash 2,000 Total assets 202,000 Liabilities 31,000) Net assets 171,000 Capitals: Wilson 57,000 Player 76,000 Sharp 38,000 171,000 Part? 

Partnership accounts and company accounts Show: 

1. (a) The entries in the capital accounts of Wilson, Player, Sharp, and litmus, the accounts to be in columnar form. 
2. (b)The statement of financial position after Titmus has been introduced.