Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Reconstitution of Partnership Firm: Retirement and Death

Question:
When can a partner retire from the partnership firm?
Options:
Starting of the year
End of the year
Middle of the year
Any of these
Correct Answer:
Any of these
Explanation:
A partner may retire from the firm at any time. The retiring partner becomes entitled to the share of profits of the current year up to the date of his retirement.