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Reconstitution of Partnership (Retirement of Partner) — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyReconstitution of Partnership (Retirement of Partner)1 Mark
Question
How is the amount due to the retiring partner settled?
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Answer

The amount due to a retiring partner is settled as per the terms of partnership agreement or otherwise mutually agreed upon either in lumpsum or in instalments.

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