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A, B and C are partners in a firm, sharing profits and losses as A 1/3, B 1/2 and C 1/6 respectively. The Balance Sheet of the firm as at 31st March, 2019 was:
Plant and Machinery
Less: Provision for Doubtful Debts
Cash in Hand
C retires on 1st April, 2019 subject to the following adjustments:
a Goodwill of the firm be valued at 24,000. C's share of goodwill be adjusted into the accounts of A and B who are going to share in future in the ratio of 3 : 2.
b Plant and Machinery to be reduced by 10% and Furniture by 5%.
c Stock to be appreciated by 15% and Building by 10%.
d Provision for Doubtful Debts to be raised to 2,000.
Pass Journal entries to record the above transactions in the books of the firm and show the Profit and Loss Adjustment Account, Capital Account of C and the Balance Sheet of the firm after C's retirement.
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