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Write the various matters that need adjustments at the time of retirement of a partners.

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The various accounting aspects involved on retirement or death of a partner are as follows: 

• Ascertainment of new profit sharing ratio and gaining ratio; 

• Treatment of goodwill; 

• Revaluation of assets and liabilities; 

• Adjustment in respect of unrecorded assets and liabilities; 

• Distribution of accumulated profits and losses; 

• Ascertainment of share of profit or loss up to the date of retirement/death; 

• Adjustment of capital, if required; 

• Settlement of the amounts due to retired/deceased partner;

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