9706/12 Accounting May Jun 2021 Online Test | Cambridge AS and A Level MCQ
R, S and T were in partnership, sharing profits equally.
T retired as a partner. At that time, the balance on his capital and current accounts totalled $\$ 320000$.
Goodwill was valued at $\$ 60000$.
The partnership assets were revalued upwards by $\$ 30000$.
T agreed to leave $\$ 90000$ in the partnership as a loan on retirement.
The balance due to him was paid from the partnership bank account.
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