Which of the following statements is/are True for the preparation of a partner's capital account and valuation account in preparation of the change in the ownership structure of a partnership:

A.

When goodwill is created, it is recorded in the valuation account.

B.

The retired partner's capital account is closed-off to a loan account on the last date of the existing partnership if the capital account was not settled by the partnership

C.

When the legal perspective is applied, the valuation and capital accounts are closed off to the Valuation account.

D.

All the above