Скачать или смотреть Section 37 of Partnership Act | Retirement and Death of a partner | Class 12 Partnership Accounts

Understand the application of Section 37 of Partnership Act on Retirement and Death of a partner for Class 12 Accounts.
As per the provisions of section 37 of the act, if full or part amount of outgoing partner still remains in the firm and has not yet been paid back then the outgoing partner or his legal representatives are entitled to the higher of the following two amounts:

1. Interest @ 6% p.a on the amount outstanding, or
2. Share in the profits earned by the firm proportionate to his amount outstanding to the total capital of the firm, i.e.:
Share in profits = Profits made after retirement or death * Amount o/s of retiring partner
Total capital of all partners + Amount o/s of retiring partner

It must be noted that if there is an agreement in the deed that interest or share of profits or nothing will be paid in such situation, then it shall be applicable.

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