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41 Q.1 What is meant by retirement of a partner? Ans. Retirement of a partner is one of the modes of reconstituting the firm in which old partnership comes to an end and a new partner among the continuing (remaining) partners (i.e., partners other than the outgoing partner) comes into existence. Q.2 ire from the firm? Ans. A partner may retire from the firm; i) In accordance with the terms of agreement; or ii) With the consent of all other partners; or iii) Where the partnership is at will, by giving a notice in writing to all the partners of his intention to retire. Q.3 What do y? Ans. Gaining Ratio means the ratio by which the share in profit stands increased. It is computed by deducting old ratio from the new ratio. Q.4 What do you understand Ans Gaining Partner is a partner whose share in profit stands increased as a result of change in partnership. Q.5 Give two circumstances in which gaining ratio is computed. Ans. Gaining Ratio is computed in the following circumstances: (i) When a partner retires or dies. (ii) When there is a change in profit-sharing ratio. Q.6 Why is it necessary to revalue assets and reassess liabilities at the time of retirement of a partner? Ans. At the time of retirement or death of a partner, assets are revalued and liabilities are reassessed so that the profit or loss arising on account of such revaluation up to the
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