22 LUSTRATION 3 (Retirement of a Partner) Malik, Dabas. Huda were partners share - respectively. The Balance Sheet K26 1 1 1 profits & losses in the ratio 2 36 on 31.3.2010 was as under: BALANCE SHEET as at 31.3.2010 Rs. Rs. Assets 29.000 550 8.000 250 fiabilities ills Payable Creditors Employees Provident Fund Reserve Profit and Loss Alc Workmen's Compensation Reserve Capitals: Malik Dabas Huda 2.000 2,000 33,000 4.200 4,000 Cash Debtors Less: Provision Stock Computer Land and Buildings Machinery 7.750 4.500 7,000 30,000 22.500 25,000 12.000 18.000 1.00.750 1.00.750 Huda retired on that date, subject to the following conditions: (a) Goodwill was valued at Rs.30,000 but no goodwill account should be raised. (h) Value of Computer should be reduced to Rs.5.000 (e) Land & Building should be decreased by 20%. (d) A provision of Rs. 600 to be made in respect of Outstanding Legal Charges, Stock to be reduced by Rs. 400 (e) Huda was to be paid off and the entire sum payable to Huda is to be brought in by Malik and Dabas in such a way that their capitals should be in their new profit sharing ratio which is 1.1. Workmen's Compensation Reserve is estimated at Rs. 1,000. Show the Revaluation Account, Partners' Capital Accounts and Balance Sheet of the fimm after the retirement of Huda. SOLLITIO