Question

The sum due to the retiring partner (in case of retirement) and to the legal representatives/executors (in case of death) includes which of the following cases?

पर्याय

• the credit balance of his capital account

• the credit balance of his current account & his share of goodwill

• share of accumulated profits (reserves) & his share in the gain of revaluation of assets and liabilities.

• All of the above

Answer 1

All of the above

Explanation:

The amount owed to the retiring partner (in the event of retirement) and the legal representatives/executors (in the event of death) includes the following:

1. his capital account's credit balance.
2. His current account credit balance (if any).
3. his fair share of kindness.
4. his portion of the profits (reserves).
5. his portion of the asset and liability revaluation gain.
6. his portion of revenues till his retirement or death.
7. interest on his capital up to the date of retirement/death, if applicable.
8. salary/commission owing to him until his retirement/death, if any.