Chapter 5: Reconstitution of Partnership (Death of Partner)Q.8. Abe, Joy and Rozy were partners in a business sharing profits and losses in the ratio of 4:1:1 respectively.Balance Sheet as on 31st Mar, 2019AmountLiabilitiesCapital A/c:AbeJoyRozyCreditorsBills PayableAmountAssets₹Plant and Machinery30,000 Furniture15,000 Debtors20,000 Stock12,000 Cash6,000 Profit and Loss A/C50,00010,0007,0003,0001,00012,00083,00083,000Joy died on 31st August, 2019 and the partnership deed provided that:i. The deceased partner to be given his share of profit to the date of his death on the basis of the averageprofit of the previous 5 years which is 24,000.His share of goodwill amounted to 3,000 which was written off by remaining partners.Plant and Machinery to be revalued at 52,000 and Furniture to be depreciated by * 1,000.Uy Reserve for doubtful debts of 400 to be created.The drawings of Joy upto date of his death amounted to 3,000.Bi Interest on capital at 10% is to be allowed and 100 to be charged on drawings.Prepare Joy's Capital Account showing the amount payable and Goodwill Account.​