Partnership Accounts – Retirement

After studying this lesson, you will be able to:
z state the meaning of retirement/death of a partner;
z calculate new profit sharing ratio and gaining ratio;
z make adjustments relating to goodwill;
z explain the need for revaluation of assets and reassessment of liabilities at the
time of retirement/death;
z describe treatment of accumulated reserves and undistributed profits at the time
of retirement/death of a partner;

Book Solutions Q 1 to 15