15 09, 2019

OTQs – Retirement/Death of Partner

Profit or loss that arises before the retirement or death of a partner is shared by all the partners in their profit – sharing ratio because it had arisen before the partner retired or died.
11 02, 2016

Adjustments on Retirement of a Partner

All the issues that need adjustment in case of retirement of a partner are similar to that in case of admission of a new partner but ..............
11 02, 2016

New Profit Sharing Ratio on Retirement of Partner

New profit sharing ratio can sometimes be given in case of retirement or the share of gain to remaining partners can guide us to calculate new profit sharing ratio.
11 02, 2016

Treatment of Goodwill on Retirement of Partner

There can be case of hidden goodwill in case of retirement also, that can be calculated the same way as in case of admission of a partner and should be shared by all the partners including the retiring partner.
11 02, 2016

Accumulated Profits and Losses on Retiremnt/Death

Accumulated Profits, Reserves and Specific Funds and accumulated losses must be shared among the partners.
11 02, 2016

Payment to Retiring Partner

Four methods of payment to retiring partner
On retirement of a partner his capital is adjusted for goodwill, accumulated profits, revaluation of assets and liabilities etc. to determine the final amount to be paid, which may […]

11 02, 2016

Adjustment of Partners’ Capitals on Retirement

Adjust the surplus/deficiency through cash or partner’s current account as per the instruction given in the question otherwise to bring cash in case of deficiency and to return cash in case of surplus.
11 02, 2016

Capital Accounts of Partners on Retirement

Partners' Capital accounts can be fixed or fluctuating depending on the question.
11 02, 2016

Balance Sheet After Retirement of Partner

All the Accumulated profits/losses should be shared in old profit sharing ratio or as instructed in the question, so, should not be taken to the new balance sheet, if already distributed.
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