X, Y and Z are partners. Y retires and following balances appear in the books on the day of his retirement: Gen. Res. Rs.40,000(20% of it is to be retained in firm); P.&L A/c Rs.4,000; Employees' Provident Fund Rs.42,000. Pass journal entries.
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"Mobile Ltd." is a well-known automobile manufacturing company in India. The company plans to increase the sale of its Sedan Cars by 20% in the next quarter. Inorder to achieve this target, the marketing department of the company considered the impact of government policy on the diesel vehicles and they also anticipated the level of competitions they might have to face. The team explored the various available options for increase in sale like offering more discounts, providing zero per centfinance, offering free accessories, free service for three years, etc.
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