Paper 1 October/November 2008 Accounting (9706/01) A Level

X and Y were in partnership sharing profits and losses equally.
On 1 January, P was admitted into the partnership. He contributed $\$ 20000$ cash and $\$ 10000$ other assets.
The non-current assets were revalued upwards by $\$ 12000$ on this date.
There was no adjustment for goodwill.
Profits and losses continued to be shared equally.
What was the balance on P’s capital account after all relevant…