Teoh, Meng and Chen are partners sharing profits and losses equally. The business performs has the following Statement of Financial Position as at 31 December 2021.
| Non current asset | Cost (RM) | Accumulated depreciation | Net book value |
| Furniture and fitting | 203,000 | -35,000 | 168,000 |
| Motor vehicle | 238,000 | -79,450 | 158,550 |
| Office equipment | 73,500 | -31,500 | 42,000 |
| 514,500 | -149,950 | 368,550 | |
| Current asset | |||
| Cash and bank | 127,050 | ||
| Debtors | 168,000 | ||
| Other receivables | 134,400 | 429,450 | |
| Current liabilities | |||
| Accured expenses | 25,900 | ||
| Creditors | 121,100 | -147,000 | |
| Working capital | 282,450 | ||
| Net assets | 651,000 | ||
| Financed by: | |||
| Capital: Teoh | 210,000 | ||
| Meng | 178,500 | ||
| Chen | 262,500 | ||
| Total Capital | 651,000 |
Teoh retired at 31 December 2021. The followings were the additional information:
Furniture and fittings RM189,000
Motor vehicle RM168,000
Office equipment RM53,550
Goodwill was determined at RM84,000.
Teoh would take over the office equipment in part payment of the amount due to him, The balance will be settled in cash.
Meng and Chen would pay RM105,000 and RM63,000 respectively to the business for additional capital
Required:
Prepare the ledger of revaluation account, bank account and capital accounts.
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