Question

X, Y and Z are partners in a firm sharing profilin the ratio of 5:2:3. On 1st April, 2017, Y retires from the firm.
X and Z agree that the capital of new firm shall be fixed at 4,00,000 in the profit-sharing ratio. The Capital
Accounts of X and Z after all adjustments on the date of retirement showed balances of 2,90,000 and 71,26,000
respectively. State the amount of actual cash to be brought in or to be paid off to the partners and make Journal
entries​

Answer 1

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