Question

write a short notes on retirement and death of a partner with journal entry

Answer 1

I hope if a person got a retirement from his life. Life of achievement he recognises. If he or she lost his partner the life is end for his partner. Then their journey is ended after their death.

Answer 2

When one or more partners leaves the firm and the remaining partners continue to do the business of the firm, it is known as retirement of a partner.
The retirement of a partner extinguishes his interest in the Partnership firm and this leads to dissolution of the firm or reconstitution of the Partnership. A partner, who goes out of a firm, is called retiring partner or outgoing partner. Causes for the retirement may be that a retiring partner may be too old or he may have better opportunity in a different line or he may dislike the co-partners’ attitude or any other reasons.

The following are the ways in which a partner can retire:



1. With the consent of all the other partners,

2. In accordance with an express agreement among the partners,

3. By giving a written notice of intention to retire to all the other partners where partnership is at will.