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Partnership Deed of C and D, who are equal partners, has a clause that any partner may retire from the firm on the following terms by giving a six-month notice in writing: The retiring partner shall be paid−
a the amount standing to the credit of his Capital Account and Current Account.
b his share of profit to the date of retirement, calculated on the basis of the average profit of the three preceding completed years.
c half the amount of the goodwill of the firm calculated at 11/2 times the average profit of the three preceding completed years.
C gave a notice on 31st March, 2017 to retire on 30th September, 2017, when the balance of his Capital Account was 6,000 and his Current Account Dr. 500. Profits for the three preceding completed years ended 31st March, were: 2015 − 2,800; 2016 − 2,200 and 2017 − 1,600. What amount is due to C as per the partnership agreement?
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