At retirement, the retiring partner's capital account is credited only with his/her share of goodwill. The remaining (gaining) partners' capital accounts are debited in their gaining ratio to compensate the retiring partner for giving up his share.
On retirement of a partner, the retiring partner's capital account will be credited with _____
Held on 30 Aug 2022 · Verified 13 Jul 2026.
His/her share of Goodwill
Good will of the firm
Share of Good will of Remaining Partners
His/her share of Goodwill and share of Goodwill of Remaining Partners
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.