Radha, Sheela and Meena were in partnership sharing profits and losses in the proportion of 3 : 2 : 1. On April 1, 2007, Sheela retires from the firm. On that date, their Balance Sheet was as follows Capital and LiabilitiesAmt. (Rs)AssetsAmt. (Rs)Trade Creditors3,000Cash in Hand1,500Bills payable4,500Cash at Bank7,500Expenses Owing4,500Debtors15,000General Reserve13,500Stock12,000CapitalsFactory Premises22,500 Radha15,000Machinery8,000 Sheela15,000Loose Tools4,000 Meena15,000––––––––45,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯70,500––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯70,500–––––––––––––––– The terms were (a) Goodwill of the Firm was valued at Rs.13,500. (b) Expenses owing to be brought down to Rs.3,750. (c) Machinery and Loose Tools are to be valued at 10 % less than their book value. (d) Factory premises are to be revalued at Rs.24300. Prepare 1. Revaluation account 2. Partners capital accounts 3. Balance sheet of the firm after retirement of Sheela