Vikas, Kamal and Neeraj are partners in a firm sharing profits and losses in the ratio of 2:2:1. Neeraj retires and on the date of retirement, the goodwill is valued at Rs.20,000. Pass necessary journal entries in the following cases:
(a) When goodwill is appearing in the books at Rs. 10,000.
(b) When goodwill is appearing in the books at Rs. 25,000.