Wine Traders Merlot and Rose are partners in Wine Traders, a company selling bottled wines....

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Accounting

Wine Traders
Merlot and Rose are partners in Wine Traders, a company selling bottled wines. These partners are sharing profit and losses equally. They decided to
admit Chardonnay to the partnership on the 31st of July 2020.
Statement of Financial Position of Wine Traders on the 31 st of July 2020 before the admission of Chardonnay:
Additional information:
Chardonnay will contribute R50000 cash and 5000 bottles of wine at R5.00 a bottle to the partnership.
Merlot and Rose will each contribute 14 of their profit share to Chardonnay.
Office equipment must be revalued to R20000 for the purposes of Chardonnay's admission to the partnership.
Office equipment must be shown at R12000 in the new partnership.
Required
to complete the capital accounts of each of the partners in the general legend of wine traders on 31 July 2020 please make use of the colomnar t format
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