Question : Which of the following statements is true?

Option 1: A retiring partner remains liable for all the acts of the firm up to the date of his retirement.

Option 2: A retiring partner may be discharged from his liability by an agreement between himself, third party and the continuing partners.

Option 3: A retiring partner also continues to be liable to third parties for the acts of the firm even after his retirement until a public notice of his retirement is given

Option 4: All of the above

Question : Assertion (A) Rent due to a partner is not transferred to the rent payable account but rather to the credit of the partner's capital account.
Reason (R): Paying rent to a partner for allowing the company to utilise his personal property for commercial purposes is a transaction unrelated to that partner's status as a partner. As a result, the Rent Payable Account receives credit.

Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

Option 2: Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A)

Option 3: Assertion (A) is true but Reason (R) is False

Option 4: Assertion (A) is false but Reason (R) is true.

Question :

Which of the following statement is correct?

Option 1:

Goodwill at the time of retirement of a partner is credited to remaining Partners’ Capital Accounts in sacrificing ratio.

Option 2:

Goodwill at the time of retirement of a partner is credited to remaining Partners’ Capital Accounts in gaining ratio.

Option 3: Goodwill at the time of retirement of a partner is debited to remaining Partners' Capital Accounts in sacrificing ratio.

Option 4:

Goodwill at the time of retirement of a partner to the extent of retiring Partner's Share is debited to remaining Partners’ Capital Accounts in gaining ratio.