Which aspect is not involved in the accounting treatment on retirement or death of a partner?

None of the above

The correct answer is option 4- None of the above.

When a partner retires or passes away, various accounting treatments are involved to ensure a smooth transition in the partnership. These treatments include aspects such as the treatment of goodwill, revaluation of assets and liabilities, and adjustment of unrecorded assets and liabilities.

The various accounting aspects involved on retirement or death of a partner are as follows:

1. Ascertainment of new profit sharing ratio and gaining ratio;
2. Treatment of goodwill;
3. Revaluation of assets and liabilities;
4. Adjustment in respect of unrecorded assets and liabilities;
5. Distribution of accumulated profits and losses;
6. Ascertainment of share of profit or loss up to the date of retirement/death;
7. Adjustment of capital, if required;
8. Settlement of the amounts due to retired/deceased partner