answer quickly Оuestion OneApel, Ere and Inie are in partnership sharing profits and losses in the ratio 3:2:1 respectively. Thestatement of financial position for the partnership as at December 31, 2020 is as follows:GH¢90,000Non-current assetsGH¢PremisesPlant37,000Vehicles15,0002.000144,000FixturesCurrent assetsIn ventory62,379Accounts receivable35,74098,119Current liabilitiesAccounts payable19,036Loan - Inie28,000Bank overdraft4.20047.45646,883Net assets190.883CapitalsApelEreInieTotal capital88,71462,49139.678190,883Additional informationInie decided to retire from the business on 31 December, 2020 and Pee is admitted as a partneron that date. The following matters are agreed:i. Apel and Ere are to share profits in the same ratio as before, and Pee is to have the sameshare of profits as Ere.The following assets were revalued:Premises for GH¢120,00011.Plant for GH¢35,000Inveniory for GHe54,179Provision is to be made for doubtful debts in the sum of GH¢3,000.iii.iv. Goodwill is to be recorded in the books on the day Inie retires in the sum of GHe42,000.The partners in the new firm do not wish to maintain a goodwill account so that amount isto be written back agains the new partners' capital accounts.Inie is to take his car at its book value of GH¢3,900 in part payment, and the balance of allhe is owed by the firm in cash except GH¢20,000 which he is willing to leave as a loanaccount.vi.The partners in the new firm are to start on an equal footing so far as capital accounts areconcerned. Pee is to contribute cash of GH¢82.091.vii. The oxiginal partuer in the old firm who has the higher investnent will draw out cash sothat his capital accoum balances equal those of his new partners.Required: preparea Revaluation accountb. Goodwill accourtc. Retiring purtner's (Inie) accountd. Bank accounte. Partners' capital account

Partnership refers to the legal act of agreement between two or more partners who have mutually…

el, Ere and Inie are in partnership sharing profits and losses in the ratio 3:2:1 respectively. The ement of financial position for the partnership as at December 31, 2020 is as follows: n-current assets emises unt hicles tures GHe GH¢ 90,000 37,000 15,000 2.000 144,000 rrent assets entory 62,379 Counts receivable 35.740 98,119