Q100.Following is the Balance Sheet of X and Y as at 31st March, 2019. Z is admitted as a partner on that date when the position of X and Y was:

X and Y share profits in the proportion of 3 : 2. The following terms of admission are agreed upon:

1. Revaluation of assets: Building 18,000; Stock 16,000.
2. The liability on Workmen Compensation Reserve is determined at 2,000. (c) Z brought in as his share of goodwill 10,000 in cash.

1. Z was to bring in further cash as would make his capital equal to 20% of the combined capital of X and Y after above revaluation and adjustments are carried out.

The further profit-sharing proportions were: X−2/5th, Y−2/5th and Z−1/5th. Prepare new Balance Sheet of the firm and Capital Accounts of the Partners.