Chaman 1/6 respectively. The Balance Sheet of the firm as at 31st March, 2020 was:Chapter 6. Retirement of a Partner 6.59Bhaskar and Chaman are partners in a firm sharing profits and losses as Ashok 1/3, Bhaskar 1/2, andAshok₹Assets₹Capital Ala3,00,000BuildingPlant and MachineryFurniture5,00,0004,00,0001,00,000Suskar4,00,0002.50,000Stock2.50,000DebtorsChamanGeneral ReserveSundry CreditorsLoan Payable9,50,0002,20,0002,50,0001,50,0001,80,0005,000Less: Provision for Doubtful DebtsCash in HandAdvertisement Suspense Account1,75,00085,00060,00015,70,00015,70,000Chaman 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'sretirementOn 1st Anril 2020.​