Mitali, Indu and Geeta are partners sharing profits and losses in the ratio of `5 : 3 : 2` respectively. On March 31, 2017, their Balance Sheet was as under:

Geeta retires on the above date. It was agreed that Machinery be valued at Rs. 1,40,000, Patents at Rs. 40,000, and Buildings at Rs. 1,25,000. Record the necessary journal entries and Prepare the Revaluation Account.

Explanation