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easyMCQCUET Accountancy 2022 30 Aug Shift 22026Accountancy
1 mark

On retirement of a partner, the retiring partner's capital account will be credited with _____

  1. A
    His/her share of Goodwill
  2. B
    Good will of the firm
  3. C
    Share of Good will of Remaining Partners
  4. D
    His/her share of Goodwill and share of Goodwill of Remaining Partners

Solution & Step-by-step Explanation

When a partner retires, their capital account is credited with their proportional share of the firm's goodwill, compensated by the gaining partners.

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Try it yourself before checking the explanation above.

On retirement of a partner, the retiring partner's capital account will be credited with _____
A
His/her share of Goodwill
B
Good will of the firm
C
Share of Good will of Remaining Partners
D
His/her share of Goodwill and share of Goodwill of Remaining Partners

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PartnershipRetirement/Death

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