X, Y, Z are partners in a firm sharing profits and losses equally. X retired from the firm on which date the balance sheet stood as follows:
Balance Sheet as on____
On the date of retirement it was found that
1. Patents have on value.
2. Furniture is to be depreciated by 15%.
3. Machinery is to be brought down to Rs. 10,000. Pass the necessary journal entries to give effect to the revaluation of assets and liabilities at the time of retirement.
