Retirement of a partner The 1 July 2003 statement of financial position of W-X-L Catering is shown below: Weston, Ward and Williams share profits and losses in the ratio of 6:5:4. Williams decides to retire from the partnership on 1 July 2003. Required: Prepare the journal entries to record the retirement of Williams under each of the following independent assumptions: 1. Weston purchases Williams's interest for $111000. 2. Williams sells one-third of his interest to Weston for $37500 and two-thirds to Ward for $57000. 3. Appraisals reveal that accounts receivable are overstated by $6000, inventory understated by $7500 and equipment is understated by $15000. These assets are revalued, and Williams is given a promissory note equal to his revised capital account to cover his retirement. 4. The partnership gives Williams $37500 cash and plant valued at $67500 for his partnership interest. 5. The partnership gives Williams $60000 cash. 6. Williams receives $60000 cash and a $30000 promissory note from the partnership for his interest