Retirement or death of a partner – Short Question and Answers

1. Describe the procedure to be followed at the time of retirement of a partner.

2. What types of matters are to be decided at the time of retirement?

3. How to ascertain the amount due to the retiring partner?

4. What journal entry for transfer of gerneral reserve will be passed at the time or retirement?

5. What do you mean by gaining ratio?

6. How to calculate gaining ratio?

7. Define surrender value.

8. On the retirement of a partner, how the value of goodwill be determined?

9. At the time of retirement, who pay the bonus?

10. When goodwill method is used to determine value of goodwill under goodwill method?

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