Practicing Success
At the time of retirement of a partner, the retiring partner's Capital account will be credited with: |
His/Her share of Goodwill Goodwill of the firm Share of Goodwill of remaining partners Undistributed losses |
His/Her share of Goodwill |
The correct answer is Option (1) → His/Her share of Goodwill The sum due to the retiring partner (in case of retirement) and to the legal representatives/ executors (in case of death) includes: |