settlement on retirement from partnership firm will be based on the networth of the partnership firm as per the audited and filed return and the retiring partner is eligible for his share as per the percertage or holding i, on the net worth
i invite the correct legal position on this
Adjustment of the assets and liabilities will also have to be suitably adjusted with particular reference to the following elements to be decided mutually:
1. Land and building to be appreciated on market value basis or on mutually decided value.
2. Goodwill of the entire firm be fixed
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