Retiring partners share

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18 Points Posted on 26 March 2022
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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On 26 March 2022 at 13:14 Report
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This discussion clarifies whether a retiring partner is entitled to a share of the partnership firm's Fixed Deposit (FD) maturity amount. It explains that the maturity proceeds, including interest, should be shared according to the partnership agreement. The retiring partner's share can be credited to their capital account and settled upon their retirement.

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CFO- at NHTF
58280 Points Posted on 26 March 2022
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 .
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On 26 March 2022 at 21:50
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18 Points Posted on 27 March 2022
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
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On 27 March 2022 at 13:13
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790 Points Posted on 13 April 2022

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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On 13 April 2022 at 14:37

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