Q8. The post-closing trial balance of M/S. Moon traders at 31 March 2020 is set out below Moon Traders Post Closing Trial Balance As on 31st March 2020 Particular Debit Credit OMR OMR Cash at Bank 1,824 Sundry Debtors 20,069 Stock 27,367 Motor Vehicle 18,245 Equipment 48,349 Land & Building 36,490 Goodwill 18,245 Sundry Creditors 27,367 Bills Payable 5,473 Nadeem Capital 54,735 Babar Capital 36,490 Abdul Saboor Capital 27,367 General Reserve A/C 19,157 96,500 96,500 On the above date, Abdul Saboor retired, and the following arrangements were agreed upon: a. Goodwill of the firm is to be valued at OMR35,000. b. The assets and liabilities are to be valued as under: Stock OMR26,000, Sundry Debtors OMR19,500, Land and Building OMR40,600, Equipment OMR.47,000, Motor Vehicle OMR. 17,000 and Sundry Creditors OMR25,000. c. Investments of OMR 10,000 are brought into books. d. Babar and Nadeem were to introduce OMR25,000 and OMR10,000 respectively into the business and OMR26,200 was to be paid immediately and balance transfer to loan accounts. e. Babar and Nadeem agreed not to retain goodwill in books. f. Nadeem, Babar and Abdul Saboor, profit and loss sharing ratio are 4/7th ,2/7th ,1/7th 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 1st April 2020, after all above arrangement have been completed. Write down the impact of retirement with explanations cum values in the new balance sheet