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.
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Chapter No. 6 – Retirement/Death of a Partner – Solution – Class 12