Assertion (A): Retiring partner will not get share in firm’s goodwill on his retirement from the firm.
Assertion (A): Retiring partner will not get share in firm’s goodwill on his retirement from the firm.
Reason (R): Retiring partner is entitled to his share in firm’s goodwill since he has forgone his share in the profits of the firm in favour of other partners.
Anurag Pathak Changed status to publish July 2, 2023
Ans – d)
Explanation:- The retiring partner is entitled to his share in firm’s goodwill as goodwill is expected future profits that is expected on the efforts made by all the partners till date.
Anurag Pathak Changed status to publish July 2, 2023
