At the time of retirement of a partner, the retiring partner's Capital account will be credited with:
(
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Shift 30/05/2023 8:30 AM - 10:30 AM
A
His/Her share of Goodwill
B
Goodwill of the firm
C
Share of Goodwill of remaining partners
D
Undistributed losses
Correct Answer
His/Her share of Goodwill
Detailed Explanation
At the time of retirement of a partner, the retiring partner's Capital account will be credited with his/her share of goodwill.
So, the correct answer is:
(1) His/Her share of Goodwill
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