When one partner in the partnership firm want to retire and all partners agree with him, the situation is known as Retirement of a Partner.
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.
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Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) – USHA Publication Class +2 – Solution
Question wise solution of the all Questions of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) – USHA Publication Class +2 – Solutions are shown below: –