Accountancy, asked by parulsancheti063, 9 months ago

Retirement of a partner result in ______ of the firm

Answers

Answered by studytime2306

If at time of retirement of a partner, goodwill appear in the balance sheet of a firm

Explanation:

If at time of retirement of a partner, goodwill appear in the balance sheet of a firm, it is written of by debiting all the partners capital accounts in their old profit sharing ratio and crediting the goodwill account.

Answered by tanvigupta426

Answer:

Retirement of the partner results in the goodwill of the firm.

Explanation:

A retired partner continues to be exposed to the third party for actions of the company till such period that he or other associates of the company give a public announcement of his retirement. However, if the third party negotiates with the firm without understanding that he was a partner in the firm, then he will not be liable to the third party.

Retirement of the partner results in the goodwill of the firm.

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