Neco 2018 Financial Accounting Question 26

Existing partners A and B share profit in the ratio 3:2 and have capital balances of \\(120,000\\) naira and \\(80,000\\) naira respectively. A new partner C is to be admitted with a 1/4 share of future profits, changing the profit‑sharing ratio to A:B:C = 2:1:1. The partnership revalues a building whose book value is \\(200,000\\) naira to a market value of \\(250,000\\) naira. The upward revaluation surplus is to be shared between A and B in their old profit‑sharing ratio. C agrees to pay goodwill equal to 20% of the total existing capital, and the goodwill is to be shared between A and B in the same ratio. After admission, the total capital of the partnership is required to be \\(350,000\\) naira. Determine the amount that will be credited to the capital accounts of A, B and C on C's admission.