“CUET Accounts Notes by Artham Resources: Chapter 6 – Reconstitution of a Partnership: Retirement, Death of a Partner. Explores the accounting procedures and adjustments involved when a partner retires or passes away in a partnership.”
Content of Chapter 6 – Reconstitution of a Partnership: Retirement, Death of a Partner:
- Introduction to Partnership Reconstitution
- Retirement of a Partner: Calculation of Gaining Ratio, Treatment of Accumulated Profits/Losses, Revaluation of Assets and Liabilities
- Death of a Partner: Calculation of Deceased Partner’s Share, Treatment of Deceased Partner’s Capital and Current Account
- Adjustments for Goodwill, Revaluation of Assets, and Reassessment of Liabilities
- Distribution of Profits and Losses Among Remaining Partners
- Preparation of Balance Sheet After Reconstitution
- Practical Examples and Problem-Solving Scenarios
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