3 X, Y and Z were partners sharing profits in the proportion of 3:2:1. Y Retires from the business. The Balance sheet of the firm on the date of retirement was as follows Liabilities Creditors Amount (RO) Assets 100,000 Cash at Bank Amount (RO) 25,000 Bills Payable 50,000 Stock 75,000 General Reserve 75,000 Debtors LESS Provision Capital Accounts X 200,000 RO 2500 100,000 Y 150,000 Vehicle 125,000 Z 100,000 Machinery 350,000 675,000 It was agreed among the partners Goodwill of the firm to be valued at Provision for Doubtful debts to be increased by Outstanding expenses to be brought into account Vehicle is to be depreciated by Stock is to be depreciated by Machinery is to be appreciated by 675,000 120,000 5,000 9,500 17.5% 12.5% 7.5% Record the necessary Journal Entries and Prepare the necessary accounts and New Balance sheet of X and Z