Question

Do we need to re-evaluate the assets and liabilities at the time of retirement of a partner?

• A. Can't say
• B. No, we don't need to re-evaluate the profit sharing ratio at the time of retirement of a partner.
• C. Yes, we need to re-evaluate the profit sharing ratio at the time of retirement of a partner.
• D. None of these

Answer 1

The correct option is C

Yes, we need to re-evaluate the profit sharing ratio at the time of retirement of a partner.

Yes, we need to re-evaluate the assests and liabilities at the time of retirement of a partner.