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Question
Select the most appropriate alternative from those given below and rewrite the statement.
If goodwill is raised to the extent of retiring partner’s share, ________ account is to be debited.
Options
Cash
Goodwill
all partner's capital
retiring partner's capital
Solution
Goodwill
Explaination : If goodwill is raised to the extent of retiring partner’s share, goodwill account is to be debited.
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RELATED QUESTIONS
Share of profit or a deceased partner till the date of his death is ____________
a. debited to profit and loss adjustment account
c. debited to profit and loss suspense account.
State whether the following statements is true or false :
Death of a partner is like a compulsory retirement.
State whether the following statements is true or false :
On the death of a partner, his share in the goodwill is divided equally among continuing partners.
State whether the following statements is true or false :
Deceased Partner’s share in profit up to the date of his death will be debited to his capital A/c.
