If a partner retires, then other partners have a gain in their profit sharing ratio.
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Partnership and LLP AccountsQ-7 | Partnership and LLP AccountsQuestion 4840 of 108
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Detailed Solution & Explanation
True: If a partner retires, his share of profit or loss will be shared by the other partners in
their profit sharing ratio unless otherwise agreed.
About This Chapter: Partnership & Companies
Paper
Paper 1: Accounting
Weightage
15-20%
Key Topics
Admission, Retirement, Death, Shares, Debentures
This chapter covers Admission, Retirement, Death, Shares, Debentures and is part of Paper 1: Accounting in the CA Foundation exam.
View Official ICAI SyllabusExam Strategy Tip
This topic carries 15-20% weightage. Focus on understanding core concepts rather than memorizing.
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