MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Partner's Capital Account Adjustments(Death)

If the remain...

Question

If the remaining partner wants to continue the business, after the retirement of a partner, a new partnership agreement is ______.

A

necessary

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

not necessary

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

optional

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

none of above

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A necessary
Retirement, admission, death of partner leads to reconstitution of the firm where old partnership agreement comes to an end and new partnership agreement is formed.

Suggest Corrections

thumbs-up

0

Similar questions

Q. Partnership may also stand reconstituted on _________ of a partner, if the remaining partners decide to continue the business of the firm as usual.

Q. On retirement /death of a partner new Profit sharing ratio of remaining partner _________.

Q. In a partnership business if there is no specific agreement among partners, profit is distributed in the ___________.

Q. A retiring partner continues to be liable for obligations incurred after his retirement if:

Q. A retiring partner continues to be liable for obligations incurred after his retirement _______________________.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Death of a Partner

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Partner's Capital Account Adjustments(Death)

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon