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Accounting Procedure Regarding Partnership Accounts on Retirement or Death! The retirement of a partner extinguishes his interest in the Partnership firm and this leads to dissolution of the firm or reconstitution of the Partnership. A partner, who goes out of a firm, is called retiring partner or outgoing partner.
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Zitkala sa tells about her first day in school. She had long hair. According to the culture of the whites they wanted to cut her long hair. But she refused to obey their decision. She was dragged out and tied fast with a chair for cutting her hair. She resisted but all in vain.
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Yogita Ingle 6 years, 6 months ago
The two main rights a newly admitted partner acquires in a firm are:
i. Right to share the assets of the partnership firm; and
ii. Right to share the profits of the partnership firm
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