Paper 1 October/November 2018 Accounting (9706/11) A Level

X, Y and Z were in partnership sharing profits and losses equally. Z retired from the partnership
on 31 March 2022. The balances on his capital account and current account were $\$ 85000$ and
$\$ 7000$ debit respectively. After Z’s retirement, X and Y would share profits and losses equally.
Goodwill was valued at $\$ 24000$ and would not remain in the books of accounts.
As part of the amount due to him, Z took a motor vehicle at an agreed valuation…