Pankaj, Naresh and Saurabh are partners sharing profits in the ratio of 3 : 2 : 1. On 31st March, 2018, Naresh retired from the firm due to his illness. On that date, Balance Sheet of the firm was as follows: Additional Information: (a) Premises have appreciated by 20%, stock depreciated by 10% and provision for doubtful debts was to be made 5% on debtors. Further provision for legal damages is to be made for ₹ 1,200 and furniture to be brought up to ₹ 45,000. (b) Goodwill of the firm be valued at ₹ 42,000. (c) ₹ 26,000 from Naresh’s Capital Account be transferred to his Loan Account and balance be paid through bank: if required, necessary loan may be obtained from bank. (d) New profit-sharing ratio of Pankaj and Saurabh is decided to be 5 : 1. Give the necessary Ledger Accounts and Balance Sheet of the firm after Naresh’s retirement.

Pankaj, Naresh and Saurabh are partners sharing profits in the ratio o

1.	Pankaj, Naresh and Saurabh are partners sharing profits in the ratio of 3 : 2 : 1. On 31st March, 2018, Naresh retired from the firm due to his illness. On that date, Balance Sheet of the firm was as follows: Additional Information: (a) Premises have appreciated by 20%, stock depreciated by 10% and provision for doubtful debts was to be made 5% on debtors. Further provision for legal damages is to be made for ₹ 1,200 and furniture to be brought up to ₹ 45,000. (b) Goodwill of the firm be valued at ₹ 42,000. (c) ₹ 26,000 from Naresh’s Capital Account be transferred to his Loan Account and balance be paid through bank: if required, necessary loan may be obtained from bank. (d) New profit-sharing ratio of Pankaj and Saurabh is decided to be 5 : 1. Give the necessary Ledger Accounts and Balance Sheet of the firm after Naresh’s retirement.
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