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.
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 […]