Retirement and Death of a Partner: Fill In the Blanks

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 12, 2023

1. When a partner withdraws their capital from a partnership firm, it is referred to as the of a partner.

2. A partnership is on the retirement or death of a partner.

3. If the remaining partners want to continue the business, they should establish a new .

4. The amount payable to the retiring partner is a of the firm, which will be paid in full or in .

5. At the time of a partners retirement or death, the income sharing ratio among the remaining partners or change.

6. Intangible assets that are not shown on the balance sheet result in an in the outgoing proprietorship.

7. The amount due to a retiring partner reduces as a consequence of made to them.

8. Goodwill will be debited with the agreed value the value already shown in the books.

9. Goodwill may be if all the partners agree that it should not remain in the books.

10. The payment made to the retiring partner in installments is known as an .

Retirement and Death of a Partner: Fill In the Blanks FAQs

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.