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Retiement of a Partners

Meaning - A partner has the right of retiring from the firm by giving suitable notice. Modes or ways of Retirement - According to the provisions of Section 32 of the Indian Partnership Act,1932 a partner may retire: (i) with the consent of all the other partners; (अन्य सभी भागीदारों की सहमति से) (ii) by the virtue of an express agreement between the partners (भागीदारों के बीच एक स्पष्ट समझौते के आधार पर) (iii) in the case of a partnership at will by giving notice in writing to all other partners of his intention to retire. (वसीयत में साझेदारी के मामले में अन्य सभी भागीदारों को सेवानिवृत्ति के अपने इरादे की लिखित सूचना देकर।) Position of Retirement - The liability of a retiring partner may be discussed as under: (1) A retirement partner remains liable to the creditors for the acts of the firm done before and up to the date of his retirement. (एक सेवानिवृत्ति भागीदार अपनी सेवानिवृत्ति की तिथि से पहले और बाद तक किए गए फर्म के कार्यों के ल...

Accounting for Partnership Firms

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  Class 12                                         Chapter -2  Accounting for Partnership Firms * Meaning of Partnership - When two or more persons join hands to set up a business and share its. Profits and losses, they are said to be in partnership. - According to Section 4 of the Indian Partnership Act 1932 defines Partnership as the Relation between persons who have agreed to share the Profits of a business carried on by all or any of them acting for all .- Personko< who have entered into partnership with one individually called "Partnership" and collectively called Firm. * Feature / Characteristics of Partnership 1) Two or More Persons - In order to form partnership, there should be at least two persons coming together for a common goal . - Section 464 of the companies Act 2013 the central Government is empowered to prescrible maximum number of partners in a firm but...