Chaman 1/6 respectively. The Balance Sheet of the firm as at 31st March, 2020 was:33. Ashok, Bhaskar and Chaman are partners in a firm, sharing profits and losses as Ashok 1/3, Bhaskar 1/2, andChapter 6. Retirement of a Partner 6.59₹LiabilitiesAssets₹Capital A/cs:AshokBhaskarChaman3,00,0004,00,0002,50,0005,00,0004,00,0001,00,0002,50,000BuildingPlant and MachineryFurnitureStockDebtors1,80,000Less: Provision for Doubtful Debts 5,000Cash in HandAdvertisement Suspense Account9,50,0002,20,0002,50,0001,50,000General ReserveSundry CreditorsLoan Payable1,75,00085,00060,00015,70,00015,70,000Chaman retired on 1st April, 2020 subject to the following adjustments:(a) Goodwill of the firm be valued at * 2,40,000. Chaman's share of goodwill be adjusted into the CapitalAccounts of Ashok and Bhaskar who will share future profits in the ratio of 3:2.(b) Plant and Machinery to be reduced by 10% and Furniture by 5%.(c) Stock to be increased by 15% and Building by 10%.(d) Provision for Doubtful Debts to be raised to 20,000.Pass Journal entries to record the above transactions in the books of the firm and show the Profit andLoss Adjustment Account, Capital Account of Chaman and the Balance Sheet of the firm after Chaman'sretirement.in profits and losses in the ratio of 3:2:1. On 1st April, 2020,​