Question & Answer: A& B Partnership was formed on January 1st 2016 with equal profit sharing. The followings are some of the accounts' balance of A&B Partnershi…..

partnership account

A& B Partnership was formed on January 1st 2016 with equal profit sharing. The followings are some of the accounts’ balance of A&B Partnership as at 31 December 2016 Accounts Property Equipment Vehicle Accumulated depreciation Equipment Accumulated depreciation – Vehicle Debtors Allowance for doubtful debts Cash Current Partner A Current- Partner B Capital- Partner A Capital- Partner B Balance 100,000 40,000 50,000 1,000 20,000 10,000 1,000 12,000 20,000 15,000 30,000 30,000 A& B agreed to admit C as new partner on January 1st 2017. The new profit ratio is 1:1:1. Additional information a. The revaluations of assets are as follow: Property RM120,000, Equipment RM36,000, Vehicle RM40,000 b. Goodwill is RM4,000 Required: i. Show the revaluation account. ii. Show the current account. ii. Present the abstract of shareholders’ equity iv. Determine how much assets does Partner C need to bring in to the business?