Retiring Partner

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18 Points Posted on 13 July 2020
whether a retiring partner is eligible to get a share in the
1)Bank FD kept in the name of partnership firm
2) Credit balance available in the current a/c of the firm.
pl.clarify
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On 13 July 2020 at 16:15 Report
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This discussion clarifies the entitlements of a retiring partner regarding partnership assets. It explains that a retiring partner is generally not eligible for a share of the firm's Bank Fixed Deposits, as these are considered firm property. However, they are typically eligible for their share of the credit balance in the firm's current account.

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Chartered Accountant
4524 Points Posted on 13 July 2020
1) No
2) yes
1 Reply
On 13 July 2020 at 16:20
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18 Points Posted on 13 July 2020
Thank you,
will you please briefly clarify why the retiring partner is not eligible for bank FD of the firm during his tenure?
1 Reply
On 13 July 2020 at 16:24
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Chartered Accountant
4524 Points Posted on 14 July 2020
Because thats firm property.
1 Reply
On 14 July 2020 at 17:18

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