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About Retirement or Death of a Partner
This CBSE Class 12 Accountancy chapter explains Retirement or Death of a Partner by detailing how accounts are settled when a partner leaves the firm. It covers new profit-sharing ratio, gaining ratio, goodwill adjustment under AS-26, revaluation of assets and liabilities, accumulated profits and losses, retiring partner's capital account, executor's account, and profit share up to the date of death.
These procedures are applied to calculate the amount due to the outgoing partner or legal representatives while allowing the remaining firm to continue. For board exams, school tests, and revision, this chapter is important because questions regularly involve revaluation accounts, capital settlement, loan transfer, time-basis profit, turnover-basis profit, and balance sheet preparation.
Topics covered
Key concepts in Retirement or Death of a Partner for Class 12 Accountancy.
- Accounting treatment of goodwill as per AS-26 upon retirement/death
- Calculation of new profit-sharing ratio and gaining ratio upon retirement or death
- Death of a Partner: Computation of profit share up to the date of death (Time and Turnover basis)
- Preparation of Deceased Partner's Capital Account and Executor's Account
- Preparation of Retiring Partner's Capital Account and Settlement of amount due via Loan Account
- Revaluation of assets and reassessment of liabilities upon retirement/death
- Treatment of accumulated reserves, unassigned profits, and losses upon retirement/death
Chapter information
| Class | Class 12 |
|---|---|
| Subject | Accountancy |
| Chapter | Retirement or Death of a Partner |
| Total resources | 3 PDFs |
| Question Bank | 3 PDFs |