Question

1. The net amount due to retiring partner will be paid as per the terms of the agreement between the partners.

2. On retirement of a partner, when due amount to retiring partner is transferred to loan loan account then retiring partner'* loan A/c will be credited.

3. With mutual agreement, the amount due to the outgoing partner may be transferred to a loan account to be paid in instalments.

Answer 1

1.True,

1. True,

3.True