Question 3 Study the scenario and complete the question that follows: X and Y Partnership X and Y are in partnership and divide profits and losses in the ratio of 2:1 respectively. Z was admitted as a partner on 1 March 2020. The new profit-sharing ratio between X,Y and Z will be 4:2:1 respectively. Additional information: For the purpose of the change in ownership the following agreement was reached: 1. Provision would be made for credit losses at 10% of the outstanding (carrying) amount of the accounts receivable. 2. Inventories would be valued at R90 000 . 3. Land and buildings would be valued at the market value of R115 000 . 4. Partner Z would bring R42 500 into the business in cash. 5. Other tangible assets would be shown at the valued amounts. 6. Partners X and Y would withdraw or pay in sums of money so that their net interest in the old partnership would be the same as the profit-sharing ratio. Source: Waka, L. 2023 Required Prepare the valuation entries in the general journal of X and Y partnership. You do not need to show any entries regarding the valuation of goodwill. (10 Marks)