Retirement and death of a partner – Fill in the blanks

1. When a partner withdraws his capital from the partnership firm, it is called of a partner.

2. Partnership is on the retirement or death of a partner.

3. If remaining partners want to continue the business, they should for new .

4. Amount payable to the retieing partner is the of the firm, which will be paid in full or in .

5. At the time of retirement/death, income sharing ratio among the remaining partners or change.

6. Intangible assets which are not shown in the balance sheet results in an in the out going proprietorship.

7. Amount due to retiring partner reduces due to the to him.

8. Goodwill will be debited with the agreed value already shown in the books.

9. Goodwill may be if all the partners are agreed, that it should not remain in the books.

10. The payment made to the retiring partner in instalments is known as .

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