Revaluation of Assets and liabilities in partnership accounts
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Know about book T S Grewal books are very famous among accountancy students. It is one of the best books on accountancy in the country. It is very clear and easy to follow. It explain complex concepts into small – small understandable pieces. It has a good number of solved and unsolved problems for practice.
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The retiring partner is entitled to his share in firms Goodwill as he has also put in efforts in the formation of firm’s Goodwill. The retiring partner is paid back his share in the assets of the firm. Goodwill is also an asset for the firm. So retiring partner is paid his share from Goodwill
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