Naik, Vinay and Vibhuti were partners in a firm sharing profits and losses in the ratio of $\displaystyle 4$ : $\displaystyle 2$ : 3. On 31st March, $\displaystyle 2025$, their Balance Sheet was as follows : Balance Sheet of Naik, Vinay and Vibhuti as at 31st March, $\displaystyle 2025$ Amount Amount Liabilities Assets ( ) ( ) Capitals : Patents $\displaystyle 54,000$ Naik $\displaystyle 1,20,000$ Land and Building $\displaystyle 2,07,000$ Vinay $\displaystyle 1,20,000$ Stock $\displaystyle 1,08,000$ Vibhuti $\displaystyle 1,20,000$ $\displaystyle 3,60,000$ Debtors $\displaystyle 81,000$ General Reserve $\displaystyle 45,000$ Cash at bank $\displaystyle 54,000$ Creditors $\displaystyle 99,000$ $\displaystyle 5,04,000$ $\displaystyle 5,04,000$ Naik retired from the firm on the above date on the following terms : (i) Goodwill of the firm was valued at *s $\displaystyle 1,80,000$ and the same was to be treated without opening goodwill account. (ii) Revaluation of assets and reassessment of liabilities resulted in a loss of $\displaystyle 18$,000. (iii) Amount payable to Naik was transferred to his loan account. Pass necessary journal entries for general reserve, revaluation of assets and reassessment of liabilities and goodwill on Naik's retirement.

Books of Naik, Vinay and Vibhuti Journal Date Particulars L.F. Dr. Cr. Amount(₹) Amount(₹) $\displaystyle 2025$ General Reserve A/c Dr. $\displaystyle 45,000$ To Naik’s Capital A/c $\displaystyle 20,000$ March $\displaystyle 31$ To Vinay’s Capital A/c $\displaystyle 10,000$ To Vibhuti’s Capital A/c $\displaystyle 15,000$ (General reserve transferred to all partners in old ratio) ,, $\displaystyle 8,000$ Naik’s Capital A/c Dr. Vinay’s Capital A/c Dr. $\displaystyle 4,000$ Vibhuti’s Capital A/c Dr. $\displaystyle 6,000$ $\displaystyle 18,000$ To Revaluation A/c (Loss on revaluation transferred to all partners in old ratio) ,, Vinay’s Capital A/c Dr. $\displaystyle 32,000$ Vibhuti’s Capital A/c Dr. $\displaystyle 48,000$ To Naik’s Capital A/c $\displaystyle 80,000$ (Adjustment entry made for goodwill)