Question

if the adjustments in the value of assets at the time retirement of a parnter show a profit it should be credited to the capital account of
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Answer 1

Answer:

overbought and of the language is not a good idea

Explanation:

5Tyrrell and of the language is not a good idea

Answer 2

If the adjustments in the value of assets at the time retirement of a partner show a profit it should be credited to the capital account of  All the Partners in the old profit-sharing ratio.

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Explanation:

• At the time of retirement of a partner from an alliance firm, re-formation of partnership takes place.

• On the retirement of a partner, it is obligatory to revalue assets and liabilities just as in the case of entry of a new partner.  

• If there exists a revaluation profit, then such profit should be distributed amongst the standing partners including the retiring partner at the existing ratio.

• In this reorganization, there is a reconsideration of profit-sharing ratio amongst partners, determination of sacrificing and gaining ratio, revaluation of liabilities and assets, alterations for goodwill and joint life policy, etc. transpires.

• All these adjustments take place and finally, profits or losses are allotted among old partners in the existing profit sharing ratio.