Question

When a partner retires, the profit of a revaluation credited to partners capital a/c in

Answer 1

Answer:

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Explanation:

ANSWER

On retirement of a partner, it is required to revalue assets and liabilities just as in the case of admission of a partner. If there is revaluation profit, then such profit should bed distributed amongst the existing partners including the retiring partner at the existing ratio i.e., in old profit sharing ratio and if there is any loss on revaluation that is also to be distributed amongst existing partners in existing ratio