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
Who is a retiring partner?
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Answer
A partner who leaves the firm or severs his connection or relationship with other partners on account of old age or continued ill health or loss of interest in the firm or similar other reasons is called a retiring partner.
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