A B and C were partners sharing profits and losses in the ratio of 2 2 1 B decides to retire on 31st...........

A, B and C were partners, sharing profits and losses in the ratio of 2 : 2 : 1. B decides to retire on 31st March, 2019. On the date of his retirement, some of the assets and liabilities appeared in the books as follows:

Creditors 70,000; Building 1,00,000; Plant and Machinery 40,000; Stock of Raw Materials 20,000; Stock of Finished Goods 30,000 and Debtors 20,000. Following was agreed among the partners on B's retirement:

a Building to be appreciated by 20%.

b Plant and Machinery to be reduced by 10%.

c A Provision of 5% on Debtors to be created for Doubtful Debts.

d Stock of Raw Materials to be valued at 18,000 and Finished Goods at   35,000.

e An Old Computer previously written off was sold for  2,000 as scrap.

f Firm had to pay 5,000 to an injured employee.

Pass necessary Journal entries to record the above adjustments and prepare the Revaluation Account.