The accounting procedure at the retirement of a partner is valued at ........

General Accounting Principles Partnership

The accounting procedure at the retirement of a partner is valued at

Revaluation of asset and liabilities

Asertaining his share of goodwill

Fnding the amount due to him

All of the above

At the time of retirement of a partner, we need to adjust the following amounts in the Capital Account of the retiring partner:

(i) Reserves

(ii) Goodwill

(iii) Profit or loss on Revaluation

(iv) Any loan by the partner to the firm

After all these adjustments the amount standing to the credit side of the Capital Account of the Retiring partner is payable to him.

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