Retirement And Death Of A Partner — Important Questions
Telangana Open School (TOSS) · Class 12 · Accountancy
50 important questions from Retirement And Death Of A Partner for Telangana Open School (TOSS) Class 12 Accountancy, with answers.
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Important Questions from Retirement And Death Of A Partner
Which account is prepared to record changes in asset and liability values at retirement?
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Revaluation Account
Revaluation Account records gains or losses on revaluation of assets and liabilities at the time of retirement.
Goodwill appears in the books only when:
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It is purchased for cash
As per AS-10, goodwill is recorded only when purchased for consideration in money.
Where is the retiring partner's share of goodwill credited?
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Retiring Partner’s Capital Account
The retiring partner’s capital account is credited with their share of goodwill as compensation.
What happens to accumulated reserves at retirement?
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Distributed in old profit sharing ratio
All reserves and undistributed profits are distributed among all partners including the retiring one in the old ratio.
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