State whether the following statements are True or False:1. The retiri

1.	State whether the following statements are True or False:1. The retiring partner’s capital account is debited with his/her share ofgoodwill and remaining partner’s capital account is credited in theirgaining ratio2. The profit or loss on revaluation is to be divided among the remaining partners in their new profit sharing ratio
Answer» 1. False, 2. False,

State whether the following statements are True or False:1. The retiring partner’s capital account is debited with his/her share ofgoodwill and remaining partner’s capital account is credited in theirgaining ratio2. The profit or loss on revaluation is to be divided among the remaining partners in their new profit sharing ratio

Answer»

1. False,

2. False,