Lalitha retired from the partnership on 1st of April, 2004 under the following terms: - Goodwill of the firm was to be valued at R.O 30,000. The assets are to be valued as under: stock R.O 100,000; Furniture R.O 15,000; Plant & Machinery R.O 45,000; Building R.O 100,000. - A provision for doubtful debt to be created at R.O 4,250. 3 - The gaining ratio is 2:3. - Lalitha was to be paid off immediately. Record the necessary journal entries, prepare Revaluation Account, Capital Accounts, Bank account and Balance Sheet of the reconstituted partnership. 2 / 3 / 3 Lalitha retired from the partnership on 1st of April, 2004 under the following terms: - Goodwill of the firm was to be valued at R.O 30,000. The assets are to be valued as under: stock R.O 100,000; Furniture R.O 15,000; Plant & Machinery R.O 45,000; Building R.O 100,000. - A provision for doubtful debt to be created at R.O 4,250. 3 - The gaining ratio is 2:3. - Lalitha was to be paid off immediately. Record the necessary journal entries, prepare Revaluation Account, Capital Accounts, Bank account and Balance Sheet of the reconstituted partnership. 2 / 3 / 3