Taxation of partnership firm

This discussion focuses on calculating the taxable income of a partnership firm for the financial year 19-20. It involves accounting for a current profit of £12 lakh and accumulated losses of £2 lakh from a previous financial year. The query also addresses how previous year losses or unabsorbed depreciation are treated when a partner retires mid-year, specifically Mr. Z's retirement on 31.12.19, and how this impacts the final capital calculation for the retiring partner.