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Accountancy XBRL and XML Retirement of partner

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RETIREMENT OF
PARTNER

, Meaning of Retirement of a Partner
• Withdrawal of a partner from the partnership with the consent of o
partners or as per the provisions of the partnership deed or by giv
notice of retirement is termed as retirement of a partner.
• A partner who cut his connection with the firm is called a retir
partner or outgoing partner.
• Retirement of a partner leads to reconstitution of a partnership firm
the original agreement between the partners comes to an end.
business may continue with a new agreement with the remain
partners. When a partner retires, his share in the firm is to be corre
ascertained and settled.

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