Retirement or Death of a Partner – Q & A
Describe the procedure to be followed at the time of retirement of a partner.
What types of matters are to be decided at the time of retirement?
How to ascertain the amount due to the retiring partner?
What journal entry for transfer of gerneral reserve will be passed at the time or retirement?
What do you mean by gaining ratio?
How to calculate gaining ratio?
Define surrender value.
On the retirement of a partner, how the value of goodwill be determined?
At the time of retirement, who pay the bonus?
When goodwill method is used to determine value of goodwill under goodwill method?
About the Author
True Tamplin, BSc, CEPF®
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True contributes to his own finance dictionary, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.