From the following identify the items which are payable to retiring partner, if mentioned in deed:
A. Credit balance of his/her Capital/Current Account
B. Share of goodwill
C. Goodwill of the firm
D. Share in revaluation gain/loss
E. Share in accumulated profits (Reserves)
Choose the correct answer from the options given below:
From the following identify the items which are payable to retiring partner, if mentioned in deed:
A. Credit balance of his/her Capital/Current Account
B. Share of goodwill
C. Goodwill of the firm
D. Share in revaluation gain/loss
E. Share in accumulated profits (Reserves)
Choose the correct answer from the options given below:
Solution
A retiring partner is entitled to the credit balance of his capital/current account (A), his share of goodwill (B), his share of revaluation profit or loss (D), and his share in accumulated profits or reserves (E). He is not entitled to the entire goodwill of the firm (C), only his share.
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