Assertion (A): Retiring partner will get his share in firm’s gain (profit) on revaluation of assets and reassessment of liabilities and will bear loss on revaluation.
Assertion (A): Retiring partner will get his share in firm’s gain (profit) on revaluation of assets and reassessment of liabilities and will bear loss on revaluation.
Reason (R): Retiring partner is entitled to share in profit and bear loss, if any, up to the date of retirement.
Anurag Pathak Changed status to publish
Ans – a)
All accumulated profit and losses and on reassessment of assets and liabilities are of the past activities of the firm. Thus retiring partner also get profit and bear loss if any in its old profit share.
Anurag Pathak Changed status to publish
