Question

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

Answer 1

Answer:

The Retiring Partner's loan account will appear in the books of a new firm as a liability until it is paid off finally. ... The amount due to the retiring partner is to be settled in if he paid off or hisamount is transferred to his loan account.

Explanation:

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Answer 2

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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