X,Y and Z were partners in a firm sharing profits in 5:3:2 ratio. On 31st March, 2016 Z retired from the firm. On the date of Z’s retirement the Balance Sheet of the firm was as follows: Balance Sheet of X,Y and Z As at 31st March, 2016 Liabilities Rs Assets RsCreditorsBills Payable Outstanding Rent PROVISION for Legal Claims Capital A/cs: X 1,27,000 Y 90,000 Z 71,000 27,00013,000 22,500 57,500 2,88,000 4,08,000 BankDebtors 20,000 Less: Provision for doubtful debts 500 Stock Furniture Land and Building 80,00019,500 21,000 87,500 2,00,000 4,08,000 On Z’s retirement it was agreed that: i) Land and Building will be appreciated by 5% and furniture will be depreciated by 20%. ii) Provision for doubtful debts will be made at 5% on debtors and provision for legal claims will be made Rs60,000. iii) Goodwill of the firm was valued at Rs60,000. iv) Rs70,000 from Z’s Capital ACCOUNT will be transferred to his loan account and the balance will be paid to him by cheque. Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of X and Y after Z’s retirement.no