1)Is a retiring partner entitled to the share of partnership firm's FD maturity amount.
2)How to treat the maturity amount of firm's FD maturity amount. i.e.debit and credit of account.
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Retiring partners share
Replies (3)
Quick Summary
Maturity amount will be credited in firms account along with interest.
So the proceeds can be shared as per partnership deed or other agreements if any .
So the proceeds can be shared as per partnership deed or other agreements if any .
It means the retiring partner is entitled to his share in maturity amount of FD kept in the firm's name .
Whether his share is credited to his capital account.
plz clarify
Whether his share is credited to his capital account.
plz clarify
You can credit his share to his capital account and pay off the balance in his capital A/c on retirement.
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