Question

The sum due to the retiring partner includes: (A) His share of profits up to the date of retirement.
(B) His share of goodwill.
(C) His share of accumulated profits.
(D) His share in the gain of revaluation of assets and liabilities.
Choose the correct answer from the options given below:

• A. (A), (B) and (D) only
• B. (A), (B) and (C) only
• C. (A), (B), (C) and (D)
• D. (B), (C) and (D) only

Hint:

Always include goodwill, accumulated profits, current profits, and revaluation adjustments while settling a retiring partner's account.

Answer 1

The Correct Option is C

Step 1: Determine Retiring Partner's Entitlements.
A partner upon retirement is due: - Profit share up to retirement date. - Goodwill share. - Share of accumulated profits and reserves. - Share of any gain or loss from asset/liability revaluation.

Step 2: Evaluate Options.
(A) Included.
(B) Included.
(C) Included.
(D) Included.

Step 3: Final Determination.
These four elements collectively constitute the amount payable to a retiring partner.

Final Answer: \[\boxed{\text{(A), (B), (C) and (D)}}\]