wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Give a word / term / phrase which can substitute each of the following statements :

The method under which payment is made to retiring partner in instalment.

Open in App
Solution

Instalment method

Explanation: Under instalment method, the payment to a retiring partner is made in instalments. In this method, the payment is not made in one instalment (lump sum); rather, the amount due is paid off in instalments. Moreover, the executor is entitled to interest @ 6% p.a. (unless agreed otherwise) on outstanding amount till it remains unpaid.

flag
Suggest Corrections
thumbs-up
1
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Settling with the Retiring Partner
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon