From the following, identify the items which are payable to a retiring partner, if mentioned in the deed: A. Credit balance of his/her Capital/Current AccountB. Share of goodwillC. Goodwill of the firmD. Share in revaluation gain/lossE. Share in accumulated profits (Reserves) Choose the correct answer from the options given below:
- AA, B only
- BA, B, D, E only
- CB, C, D, E only
- DA, C, D, E only
Solution & Step-by-step Explanation
A retiring partner is entitled to receive their individual stake in the business components, which includes: A: Credit balance of Capital/Current Account.B: Individual share of goodwill (not the entire goodwill of the firm, which rules out C).D: Individual share in revaluation gain/loss.E: Individual share in accumulated profits/reserves.Therefore, statements A, B, D, and E are payable to the retiring partner.