## Studying in Detail: Retirement or Death of a Partner

## FAQs on DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 4

**1. What are some important concepts in chapter 4 from DK Goel Solutions Class 12 Retirement or Death of a Partner? **

Some important concepts in Retirement or Death of a Partner Class 12 DK Goel Solutions involve various adjustment calculations that need to be done after the retirement of a partner, like:

Calculating Gaining Ratio and Net Profit Ratio.

Sharing Goodwill.

Revaluating Liabilities and Assets.

Distributing Profits and Losses.

Retiring Partner’s Due Amount.

**2. What are the different changes caused due to a Retiring Partner and a Dead Partner?**

Retirement of a partner takes place when a shareholder decides to exit a partnership firm on his own will and withdraw his company shares into his account. It can be done only at the end of an accounting year.

The death of a partner can happen at any time of a year, and in this case shares of the deceased partner are transferred to his executive’s loan account on his behalf.

**3. Where can I find Solution of DK Goel Class 12 Chapter 4?**

Retirement or Death of a Partner Class 12 DK Goel Solutions is formulated with expert guidance on concepts applied in sums which provide step-wise explanations to make Accountancy students for the preparation of board exams.

You can find DK Goel Solutions Class 12 Retirement or Death of a Partner on Vedantu, absolutely free.

**4. How is a Partner's retirement treated?**

A partner in a partnership at will can retire at any moment he wishes for any reason. A retirement causes a reorganization of a firm which requires the contribution ratio and profit sharing ratio of the remaining partners to change. The departing partner receives his share of the company's capital, revaluation profit or loss, and goodwill. The following need to be calculated:

Accounting Treatments

Profit-Sharing Ratio

Gaining Ratio

Adjusting Goodwill

**5. How to prepare for the Class 12 Accountancy exam?**

Here are some tips to make the most of your preparation:

Prioritize comprehension over memorization of chapters. Understanding the principles and logic of the themes is critical in accounts.

With accounts, you must practice and revise at the end of each chapter and then finally at the end of your syllabus.

Once you have completed the syllabus, move ahead to solving practice papers, past question papers and the material available on Vedantu.

Minimize the use of calculators during regular practice, so even during the exam, you are not required to use it.