need some help understanding.

In February 2017, Lee and Gillies discuss taking on a new partner in order to expand the business.In May 2017 they decide to admit Henderson who 1s based 1n Goglwa and operates tours from hisbase there. Henderson will develop tours for GGoglwa, Hindmarsh Island, the Coorong andassociated areas and will be a 1/3 partner with a Capital contribution of $60,000 » Henderson will contribute: Cash $6,000, Property $36.000 Motor Vehicle $8,000, A/cs Receivable $7.300, and A/cs Payable $1.300When he joins the partnership on 1/3/17. Prior to the admission of Henderson as a new partner, Lee and Gillies need to revalue some of theirassets: . Allowance for doubtful debts to be created $2_300 = Vehicles to be depreciated by 20% = Property to be increased 1n value by 530,000 » Office Furniture & Equipment to be depreciated by 30% (These adjustments to be made on 15 June, prior to the admission of Henderson to the business on 1July)