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What adjustments are required at the time of retirement of a partner?
Wiki User
∙ 13y ago
At the time of retirement of a partner, adjustments must be made to settle their share of assets and liabilities in the partnership, including accounting for any goodwill or revaluation of assets. Any retirement benefits owed to the partner should be calculated and paid out. The partnership agreement should be reviewed to determine the terms of the retirement and how the outgoing partner's interests will be settled.
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