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The Balance Sheet of X, Y and Z who were sharing profits in ratio of their capitals stood as follows at 31st March, 2019:
Cash at Bank
Less: Provision for Doubtful Debts
Plant and Machinery
Land and Building
Y retired on 1st April, 2019 and the following terms:
a Out of the insurance premium debited to Profit and Loss Account, 1,500 to be carried forward as Prepaid Insurance.
b Provision for Doubtful Debts to be brought up to 5% of Sundry Debtors.
c Land and Building to be appreciated by 20%.
d A provision of 4,000 be made in respect of outstanding bills for repairs.
e Goodwill of the firm was determined at 21,600.
Y's share of goodwill be adjusted to that of X and Z who will share profits in future in the ratio of 3 : 1. Pass necessary Journal entries and give the Balance Sheet after Y's retirement.
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