Which of the following aspect is not involved at the time of retirement or death of a partner?
Answer & explanation
Correct answer: option 3
The correct answer is option 3- Realisation of assets.
Realisation of assets is not involved at the time of retirement or death of a partner.
Realisation of assets is done at the time of dissolution of partnership firm and realisation account is prepared. At the time of retirement or death, revaluation is done and revaluation account is prepared.