Practicing Success
At the time of retirement of a partner, profit on revaluation will be credited to: |
Capital Account of retiring partner Capital Accounts of all partners in the old profit sharing ratio Capital Accounts of the remaining partners in their old profit sharing ratio Capital Accounts of the remaining partners in their new profit sharing ratio |
Capital Accounts of all partners in the old profit sharing ratio |
For distribution of profit or loss on revaluation: Revaluation A/c Dr. To All Partners’ Capital A/c’s (Individually) (Profit on revaluation transferred to partner’s capital) |