Going concern because the organization think that the business should continue a long run and it should not be liquidated in the future.

Chapter - Retirement, Important Questions, Accountancy, Class 12

Introduction:
The chapter of Retirement in Accountancy for Class 12 is an important topic that deals with the accounting treatment of retirement of a partner from a partnership firm. It covers various aspects such as the calculation of the retiring partner's share, adjustments in the books of accounts, and settlement of his/her dues. Here are some opinions, doubts, and problems related to this chapter.

Opinions:
1. Importance of Retirement: The concept of retirement in a partnership firm is crucial as it affects the financial position and operations of the firm. Understanding the accounting treatment of retirement is necessary for accurate financial reporting.

2. Calculation of Retiring Partner's Share: One important aspect of retirement is determining the retiring partner's share in the firm. This involves considering factors like the agreed-upon ratio, goodwill valuation, revaluation of assets and liabilities, and adjustments for accumulated profits and losses.

3. Settlement of Dues: Another significant aspect is the settlement of the retiring partner's dues. This includes payment for the retiring partner's share, distribution of reserves and accumulated profits, and adjusting for any outstanding liabilities or losses.

Doubts:
1. Treatment of Goodwill: One common doubt is regarding the treatment of goodwill in the retirement of a partner. Understanding the methods of calculating goodwill, whether it is written off or transferred to the remaining partners, is essential.

2. Revaluation of Assets and Liabilities: The process of revaluing assets and liabilities in the event of a partner's retirement can be confusing. Clarification on how to record the revaluation reserves and adjustments in the books is required.

3. Distribution of Reserves: Determining the distribution of reserves, such as general reserves, accumulated profits, and reserves for contingencies, among the remaining partners after retirement can be challenging. Guidance on the proper allocation is necessary.

Problems:
1. Adjustments in the Capital Accounts: One common problem faced is making adjustments in the capital accounts of the remaining partners after the retirement of a partner. Understanding how to credit the retiring partner's capital and allocate the remaining capital is crucial.

2. Tax Implications: Another problem is understanding the tax implications of retirement, such as capital gains tax or tax on the distribution of reserves. Clarity on the applicable tax laws and calculations is necessary.

3. Treatment of Unrealized Profits: Dealing with unrealized profits at the time of retirement can be complex. Proper guidance on how to record and distribute unrealized profits among the remaining partners is required.

In conclusion, the chapter on Retirement in Accountancy for Class 12 is important for understanding the accounting treatment of retirement in a partnership firm. It is essential to grasp the calculation of the retiring partner's share, settlement of dues, and various adjustments in the books. Addressing doubts related to goodwill treatment, revaluation of assets and liabilities, and distribution of reserves is crucial. Additionally, solving problems related to adjustments in capital accounts, tax implications, and treatment of unrealized profits will enhance understanding and proficiency in this topic.