Accountancy class 12 Retirement of a partner notes
Retirement of a partner. ... Short & Easy Notes for Board Exam #1. How would you calculate the amount, payable to retiring partner. => following items are included in calculating the total amount to be paid to retiring partner; Amount to be added; (i) Balance of his capital A/c and current A/c as in the last balance sheet. (ii) His share in undistributed profit. (iii) His share in reserve. (iv) Interest on capital. (v) Outstanding salary. (vi) Profit on revaluation of assets and liabilities. (vii) His share in profit up to date of retirement. Amount to be deducted; (i) His share in undistributed loss. (ii) Loss on revaluation of assets and liabilities. (iii) Loan, if any from the firm. (iv) Share in goodwill, if appear in the balance she...