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 Bills Payable 120,000 Cash at Bank 60,000 Stock General Reserve 90,000 Debtors LESS Provision Capital Accounts X 240,000 RO 3000 Y 180,000 Vehicle 120,000 Machinery Amount (RO) 30,000 90,000 120,000 150,000 420,000 810,000 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 810,000 144,000 6,000 11,400 17.5% 12.5% 7.5% Record the necessary Journal Entries and Prepare the necessary accounts and New Balance sheet of X and Z.