Practice question

Question

Directions For Questions
Which of the following statements are correct?
(A) The retiring partner’s capital account will reflect their share of profits till the date of retirement.
(B) Any unrecorded assets and liabilities are included in the revaluation account at the time of retirement.
(C) When goodwill does not appear in the books, it is credited directly to the capital accounts of the remaining partners.
(D) The new capital of the firm is decided based on the old ratio of profits.
(E) In case of death, the deceased partner’s capital account is transferred to their legal representatives' account.