1. Retirement is a known thing, so usually takes place at the end of an accounting period, but death may take place at any time.
2. On retirement, a partner severs his connection with the firm Voluntarily. But in death, it is automatic.
3. On retirement, the amount due to the retiring partner is transferred to his Loan Account, while in death; the total amount due to the deceased partner is transferred to his Executor’s Loan Account.
