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X, Y and Z were in partnership sharing profits and losses in the proportions of 3 : 2 : 1. On 1st April, 2019, Y retired from the firm. On that date, their Balance Sheet was:
Cash in Hand
Cash at Bank
The terms were:
a Goodwill of the firm was valued at 1,35,000 and adjustment in this respect was to be made in the continuing Partners' Capital Accounts without raising Goodwill Account.
b Expenses Owing to be brought down to 37,500.
c Machinery and Loose Tools are to be valued @ 10% less than their book value.
d Factory Premises are to be revalued at 2,43,000.
Show Revaluation Account, Partners' Capital Accounts and prepare the Balance Sheet of the firm after the retirement of Y.
By: Aman ProfileResourcesReport error
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