3. State the order of preparation of the following, in case of retirement of a partner
(a) Bank Account
(6) Balance Sheet of New Firm
(c) Revaluntion Account
(d) Partners' Capital Accounts.
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Answer:
d , c , a , b
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The order of preparation of the following, in case of retirement of a partner is
(c) Revaluation Account
(d) Partners' Capital Accounts
(a) Bank Account
(b) Balance Sheet of New Firm
Explanation:
(a) Revaluation account – At the time of retirement of a partner, it is necessary to revalue the assets and liabilities of a firm.
(b) Partner’s capital account- There should be a transfer of profit & loss on revaluation to the partner’s capital account.
(c) Bank account- There should be a settlement of the account.
(d) The balance sheet of Firm- There will also be treatment of goodwill and the balance sheet should be prepared finally.
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