Paper 1 October/November 2004 Accounting (9706/12) A Level

V and E are in partnership, sharing profits and losses equally.
Their capital accounts showed the following credit balances at 31 March 2021.
Z was admitted as a partner on 1 April 2021. At that date the following items were taken into account.
1 Non-current assets were revalued downwards by $\$ 20000$.
2 Goodwill was valued at $80 000, but will not remain in the books of account after Z is admitted.
The…