9.8. The Closing Ledger balance of M/S. Small Traders at 31 March 2020 is set out below Name of Accounts Cash at Bank Debtors Stock Motor Vehicle Plant Land & Building Goodwill Samll Traders Ledger Balances As on 31 March 2020 OMR Name of Accounts 1,380 Sundry Creditors 15,180 Bills Payable 20,700 General Reserve A/C 13,800 Abdul Rehman Capital 36,570 Badar Capital 27,600 Khurram Capital 13,800 OMR 20,700 4,140 14,490 41,400 27,600 20,700 On the above date, Abdul Rehman retired, and the following arrangements were agreed upon: a. Goodwill of the firm is to be valued at OMR. 15,000. b. The assets and liabilities are to be valued as under: Stock OMR18,000, Sundry Debtors OMR12,500, Land and Building OMR30,600, Plant OMR 30,000, Motor Vehicle OMR4,000 and Sundry Creditors OMR18,000. c. Bills payable includes OMR 200 no longer payable and this sum was to be written off. d. Badar and Khurram were to introduce OMR30,000 and OMR 9,000 respectively into the business and OMR20,200 was to be paid immediately and the balance transferred to his loan account. Activate Gato set e. Badar and Khurram agreed not to retain goodwill in books. arch A 900 account e. Badar and Khurram agreed not to retain goodwill in books. f. The partner shared profit and loss 50%,35% and 15% respectively. You are required to pass necessary Journal entries with proper narrations to record the above transactions. Prepare revaluation account, capital accounts, bank account and financial position of the new firm as at 1" April 2020, after all above arrangement have been completed. Write down the impact of retirement with explanations cum values in the new balance sheet. (1+1+1+1+1 = 5 Marks)