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X, Y and Z were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2019 was:
Capital A/cs: X
Y retired on 1st April, 2019 on the following terms:
a Goodwill of the firm was valued at 70,000 and was not to appear in the books.
b Bad Debts amounted to 2,000 were to be written off.
c Patents were considered as valueless.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of X and Z after Y's retirement.
By: Aman ProfileResourcesReport error
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