Q. \( 1, A, B \) and \( C \) were Partners Sharing Profits in the Proportions of \( 1 / 2,1 / 3 \) and \( 1 / 6 \) respectively. The Balance Sheet of the firm on \( 31^{\text {st }} \) March 1998 was as follows: Cretired on the above data on the following terms: i. Goodwill of the firm was valued at Rs. 27,000 , but it was not remain in the books of the new firm. ii. Value of the patents was to be reduced by \( 20 \% \) and that of Plant and Machinery by \( 10 \% \). iii. Provision for doubt ful debts was to be raised to \( 6 \% \). iv C'too' over Investment at a value of Rs. 15,800 . v. Liability on account of Provident Fund was only Rs. 2,500 . Show the necessary Journal Entry for the treatment of voodwill prepare revaluation account, Capital accounts of the Partners and the Bala

Question

Q. \( 1, A, B \) and \( C \) were Partners Sharing Profits in the Proportions of \( 1 / 2,1 / 3 \) and \( 1 / 6 \) respectively. The Balance Sheet of the firm on \( 31^{\text {st }} \) March 1998 was as follows: Cretired on the above data on the following terms: i. Goodwill of the firm was valued at Rs. 27,000 , but it was not remain in the books of the new firm. ii. Value of the patents was to be reduced by \( 20 \% \) and that of Plant and Machinery by \( 10 \% \). iii. Provision for doubt ful debts was to be raised to \( 6 \% \). iv C'too' over Investment at a value of Rs. 15,800 . v. Liability on account of Provident Fund was only Rs. 2,500 . Show the necessary Journal Entry for the treatment of voodwill prepare revaluation account, Capital accounts of the Partners and the Balance sheet of \( A \) and \( B \) after \( C \) 's retirement.