Retirement & Death of Partner
According to Section 32(1) of the Indian Partnership Act, a partner may retire:
(a) with the consent of all the partners;
(b) in accordance with an express agreement by the partners;
(c) where the partnership is at will, by giving notice in writing to all the other partners of his intention to Retire
On the death of a partner, accounts in the books of the firm are maintained in the same way as on the retirement of a partner. Thus the legal representatives of the deceased partner are entitled to claim the following amounts, which are credited to his capital account. These online MCQ tests and MCQ questions includes all main concepts of the chapter in CS foundation Financial Accounting and Auditing.