Question

if the adjustments in the value of assets at the time of retirement of a partners shows a profit ,it should be credited to the capital accounts of ____​

Answer 1

Answer:

At the time of retirement of a partner, profit on revaluation of assets will be credited to the Capital Accounts of ______

Explanation:

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Answer 2

Answer:

On retirement of a partner, it is required to revalue assets and liabilities just as in the case of admission of a partner. If there is revaluation profit, then such profit should bed distributed amongst the existing partners including the retiring partner at the existing ratio i.e., in old profit sharing ratio and if there is any loss on revaluation that is also to be distributed amongst existing partners in existing ratio.