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Retiring partner continues to be liable for acts for the firm done:
  • a)
    Upto the date of giving public notice of retirement 
  • b)
    Upto the close of the financial year in which he retires 
  • c)
    All of the above
  • d)
    Upto the date of admission of a new partner 
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Retiring partner continues to be liable for acts for the firm done:a)U...
Explanation:


  • Retiring partner's liability: A retiring partner continues to be liable for acts for the firm done up to the date of giving public notice of retirement. This means that any actions or obligations incurred by the firm before the retirement announcement are still the responsibility of the retiring partner.

  • Public notice of retirement: Once the retiring partner gives public notice of retirement, their liability for the firm's actions ceases. This is the point at which the retiring partner is no longer responsible for any future obligations or debts of the firm.

  • Financial year: The retiring partner's liability extends until the close of the financial year in which he retires. This ensures that the retiring partner remains accountable for any firm-related activities that occurred during the financial year of their retirement.

  • Admission of a new partner: The retiring partner's liability does not extend to the date of admission of a new partner. Once a new partner is admitted to the firm, the retiring partner's responsibility for the firm's actions ends.

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Most Upvoted Answer
Retiring partner continues to be liable for acts for the firm done:a)U...
Because without notice,how people come to know about retirement. hence he is liable to third party
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Retiring partner continues to be liable for acts for the firm done:a)Upto the date of giving public notice of retirementb)Upto the close of the financial year in which he retiresc)All of the aboved)Upto the date of admission of a new partnerCorrect answer is option 'A'. Can you explain this answer?
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Retiring partner continues to be liable for acts for the firm done:a)Upto the date of giving public notice of retirementb)Upto the close of the financial year in which he retiresc)All of the aboved)Upto the date of admission of a new partnerCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Retiring partner continues to be liable for acts for the firm done:a)Upto the date of giving public notice of retirementb)Upto the close of the financial year in which he retiresc)All of the aboved)Upto the date of admission of a new partnerCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Retiring partner continues to be liable for acts for the firm done:a)Upto the date of giving public notice of retirementb)Upto the close of the financial year in which he retiresc)All of the aboved)Upto the date of admission of a new partnerCorrect answer is option 'A'. Can you explain this answer?.
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