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Revaluation of Assets (Retirement)

At the time o...

Question

At the time of retirement, the assets and liabilities are revalued so that the _______ share in profit/loss due to revaluation can be ascertained.

A

All partners

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B

Outgoing partner

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C

Incoming partners

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D

None of these

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Solution

The correct option is B
Outgoing partner

At the time of retirement, the assets and liabilities are revalued so that the Outgoing Partners' share in profit /loss due to revaluation can be ascertained.

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