The Balance sheet of Asma, Ammar and Anas who are partners in a firm as on 31st December 2020 was as under:

On The date of Balance Sheet, Anas retired from the firm, and following adjustments were made:

a. Machinery is appreciated by 30%.

b. Provision for bad debts is increase to 5% on debtors

c. Buildings is depreciated by 10%

d. Creditors Written off 5,000

e. Goodwill of the firm is valued at RO 112,000.

f. RO 16,000 is paid to the retiring partner and the balance is paid in instalments.

Pass the necessary Journal entries and Prepare Revaluation Account, Capital accounts of the Partners and Balance sheet of the New Firm after Anass Retirement.

Assets Amount (RO) Liabilities Amount(RO) Machinery 80,000 Creditors 50,000 Building 180,000 Bills Payable 126,000 Sundry Debtors 58,000 General Reserves 44,000 Stock 46,000 Capital: Asma Ammar Anas 120,000 80,000 80,000 Cash at Bank 36,000 400,000 400,000