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X, Y and Z were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2018 was: Y retired on 1st April, 2018 on the following terms: 

(a) Goodwill of the firm was valued at Rs. 70,000 and was not to appear in the books. 

(b) Bad Debts amounted to Rs. 2,000 were to be written off. 

(c) Patents were considered as valueless. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of X and Z after Y’s retirement.

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Adjustment of good will

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