Question

needs and importance of admission retirement and death of partner​

Answer 1

Explanation:

Accounting treatment, in case of death of a partner

The retiring or deceased partner is entitled to his share of goodwill at the time of retirement or death because the goodwill earned by the firm is the result of the efforts of all the partners in the past. Since in future profits will arise because of the present goodwill.

The retiring or the deceased partner will not be sharing future profits. Therefore all continuing partners pay to retiring partner the share of Goodwill in gaining ratio. It is fair to compensate the retiring or deceased partner for the same. At the time of retirement or death of a partner, we value the goodwill on the basis of agreement among the partners.

Answer 2

Answer:need and importance of death of partner

Explanation: