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What are the different ways in which a p...

What are the different ways in which a partner can retire from the firm.

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The following square measure the various ways in which within which a partner will retire from a firm.
(i) With the consent of all alternative partners:
A partner should take the consent of all the co-partners of the firm before his/her retirement.
Thereafter, the partner will retire from the firm if and provided that all the partners agree on the choice of his/her retirement.

(ii) With AN specific agreement by all the partners:
just in case of legal document among the partners a partner might retire from the firm by expressing his/her intention of feat the firm tho' a notice to the opposite partners of the firm.

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The Balance Sheet of Mohit, Neeraj and Sohan who are partners in a firm sharing profits according to their capitals as on March 31, 2017 was as under: On that date, Neeraj decided to retire from the firm and was paid for his share in the firm subject to the following: 1. Buildings to be appreciated by 20%. 2. Provision for Bad debts to be increased to 15% on Debtors. 3. Machinery to be depreciated by 20%. 4. Goodwill of the firm is valued at Rs. 72,000 and the retiring partner’s share is adjusted through the capital accounts of remaining partners. 5. The capital of the new firm be fixed at Rs. 1,20,000. Prepare Revaluation Account, Capital Accounts of the partners, and the Balance Sheet after retirement of B.