Question

State two modes of retirement

Answer 1

1. If the amount due to the retiring partner is to be paid in lump sum on the day of his/her retirement then the following Journal entry need to be passed.

 

Retiring Partner's Capital A/c

Dr.

 

To Cash/Bank A/c

 

(Retiring partner paid in cash)

 

 

2) If the amount due to the retiring partner is to be paid in installments then the balancing figure of his/her capital account is transferred to his/her loan account. In this case, the retiring partner receives equal installments along with the interest on the amount outstanding. The following necessary Journal entry is to be passed

Answer 2

1)Retirement is the withdrawal from one's position or occupation or from one's .

2) In the United States, while the normal retirement age for Social Security, or Old Age Survivors Insurance .

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