What is Partnership Partnership is an association between two or more persons who agree to do business and share profits and losses What is Partnership Deed It is pertinent to note that the partnership can be formed either by an oral or a written agreement among the partners. Partnership Deed is a written document which […]
Provisions applicable in the absence of partnership Deed Read More »
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
Goodwill Accounting on retirement of a partner Read More »
Retirement of a partner is another form of reconstitution of the firm.. In this case, also, the old partnership agreement comes to an end and a new partnership agreement comes into effect.. A partner may retire from the firm due to any of the following reasons: Adjustments required on the retirement of a partner Liabilities
Retirement of a Partner – Meaning and Effects Read More »
