Question

Mention four ways how the balance will be settled to the retiring partner ?
Plzz answer fast ​

Answer 1

Answer:

Objectives of Business

Levels of Management

Final Payment to Retiring Partner

At the time of retirement of a partner, we need to adjust the following amounts in the Capital Account of the retiring partner:

(i) Reserves

(ii) Goodwill

(iii) Profit or loss on Revaluation

(iv) Any loan by the partner to the firm.

After all these adjustments the amount standing to the credit side of the Capital Account of the Retiring partner is payable to him.

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Answer 2

At the time of retirement of a partner, we need to adjust the following amounts in the Capital Account of the retiring partner:

(i) Reserves

(ii) Goodwill

(iii) Profit or loss on Revaluation

(iv) Any loan by the partner to the firm.

After all these adjustments the amount standing to the credit side of the Capital Account of the Retiring partner is payable to him.

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