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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
When is the gain ratio calculated?
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Answer

The gain ratio is calculated when a firm raises goodwill to the extent of retiring partner’s share and then intends to write off the goodwill so raised.

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