On retirement or death, gaining partners must compensate both the retiring partner (for his share of goodwill) and any remaining partners who have sacrificed part of their share due to the change in profit sharing ratio.
On retirement/death of a partner, the remaining partners who have gained due to change in profit sharing ratio should compensate the :
Held on 28 May 2023 · Verified 13 Jul 2026.
No partner
Retiring partner only
Remaining partners only (Who have sacrificed.)
Remaining partners (who have sacrificed) as well as retiring partner.
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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.