Question

X, Y and Z were partners in a firm sharing profits in 5:3 : 2 ratio. On
31st March, 2020 Z retired from the firm. On the date of Z's retirement the Balance
Sheet of the firm was as follows:
BALANCE SHEET OF X, Y AND Z
as at 31st March, 2020
Liabilities
Creditors
27,000 Bank
80,000
Bills Payable
13,000 Debtors
20,000
Outstanding Rent
22,500 Less : Provision for
Provision for Legal Claims
57,500 Doubtful Debts
500 19,500
Capital A/cs:
Stock
21,000
X
1,27,000
Furniture
87,500
Y
90,000
Land and Building
2,00,000
Z
71,000 2,88,000
4,08,000
4,08,000
On Z's retirement it was agreed that:
(1) Land and Building will be appreciated by 5% and furniture will be
depreciated by 20%.
(ii) Provision for doubtful debts will be made at 5% on debtors and provision for
legal claims will be made 60,000.
(iii) Goodwill of the firm was valued at 60,000.
(iv) 70,000 from Z's Capital Account will be transferred to his loan account and
the balance will be paid to him by cheque.
Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of X
and Y after I s retirement.​

Answer 1

Please Mark as Brainliest