Withdrawal of a partner: A partner can withdraw from the partnership firm for various reasons for like Retirement, Dispute with the other partners etc. When a partner withdraws from the firm, the books of the firm are closed and profits are distributed to the partners. After distribution of the profit, balance of the capital account of the retiring partner is paid to him as per the agreement. Sometimes, the retiring partner gets amount in excess of or less than his equity balance. In that situation, either the remaining partners or the retiring partner will get some bonus.
To Determine:
1. $60,000.
2. $30,000.
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