Question

The method under which payment is made to retiring partner in instalment. Answer in a word / phrase / term.

Answer 1

Heya user ✨✨

The method under which payment is made to retiring partner in instalment➡️Lump Sum Method.

Answer 2

The method under which payment is made to retiring partner in installment is referred to as loan account payment.

Payment can be made to a retiring partner in two ways-

1. Loan account payment- amount is paid in installments and is transferred to the loan account.

2. Lump Sum payment- full settlement of the amount done at once.