Q3 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 Amount (RO) Assets Creditors 40,000 Cash at Bank Bills Payable 20,000 Stock General Reserve 30,000 Debtors LESS Provision Capital Accounts X 80,000 RO 1000 Y 60,000 Vehicle Z 40,000 Machinery Amount (RO) 10,000 30,000 40,000 50,000 140,000 270,000 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 270,000 48,000 2,000 3,800 17.5% 12.5% 7.5% Record the necessary Journal Entries and Prepare the necessary accounts and New Balance sheet of X and Z.