Chapter No. 6 – Retirement/Death of a Partner – Solution – Class 12 of the all practical problems with the animation and videos. First, we will clarify the meaning of the term Retirement/Death of a Partner shown as following:
What is the Retirement of a Partner:
When one partner wants to get retirement from the partnership firm with the consent of all remaining partners if known as the Retirement of a partner. The partner may get retirement from the partnership firm in the following situation: –
- Retiring Partner’s own choice to get retired
- End of the agreement between the Partners.
- Where all remaining partners agree on that one partner should have to get retired from the partnership.
What is the Death of a Partner:
When one partner dies by an accident or any medical issue then the partnership deed/agreement between all partners is ceased this situation is named as the death of a partner. The partnership deed is ended, but the partnership firm can continue its operation if the remaining partners want to continue the partnership firm.
Read the Full Article from the following link: –
Retirement of a Partner – Explained with Illustration
Death of a Partner – Adjustments of Capital
Chapter No. 6 – Retirement/Death of a Partner – Solution – Class 12
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