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Reconstitution of Partnership: Retirement and Death of a Partner
Accounts · Chapter 4 · 1. Partnership Accounts
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Your path through this chapter
Visual lesson Beta
- Part 1: Ratios, Goodwill, Revaluation and Reserves23 slides
- Part 2: Settlement, Loan, Capitals, Death and the Balance Sheet22 slides
Flashcards Beta
30 cards for quick recall of key terms and facts.
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75 board-style questions with instant checks: Multiple choice 25, Short answer 20, Long answer 8, Assertion and reason 6.
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Short and long chapter tests in board pattern, with results and analysis.
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Topics 6
- New profit-sharing ratio and gaining ratio on retirement or death
- Treatment of goodwill (including hidden goodwill), revaluation and accumulated profits/losses
- Deceased partner's share of profit till the date of death (time or turnover basis)
- Adjustment of capitals of continuing partners and payment by bringing in cash
- Amount due to retiring partner; retiring partner's loan account and deceased partner's executor's account
- Balance Sheet of the reconstituted firm after retirement or death (horizontal format)