X and Y are in partnership, sharing profits and losses in the ratio 3:2 after allowing for interest on capital at the rate of 5% per annum. After their first year of operations, their balance sheet at 30 September 2007, before allowing for interest and the division of profits, was as follows: R 56 000 Capital X 16 000 Fixed assets 8 000 Furniture 1200 Profit for the year ended Current assets 30 September 2007 before Stock 8 000 allowing for interest 16 000 Debtors Creditors 28 000 Bank 2 800 68 000 68 000 Z is admitted to this partnership on 1 October 2007. Z pays R4 000 into the firm's bank account for his share of capital and goodwill. Goodwill is valued at R6 000 and must not appear in the books. The new agreement provides for interest on partners' capital accounts at 5% per annum and the division of the remaining profits between X, Y and Z in the ratio 3:2:1 Required Draw up the balance sheet of the partnership as at 1 October 2007