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Thursday, 1 December 2016

A3 Ascertaining the amount due to the retiring / deceased partner

The total amount payable comprises the following:

1. Capital Account Balance
2.Interest on Capital and salary, if any upto the date of retirement/death
3.Share of accumulated profits/losses.
4.Share of Profit/loss on revaluation
5.Share of Good will
6.Share of profit/loss for the current period, i.e from the date of last preparation of final accounts to the date of retirement/death.

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