Journal Entries for Recording Goodwill

Q.

What Is a Partnership Deed and Its Content?

Q.

At the time of admission, an incoming partner can contribute his share of goodwill in the form of

1. None of the above

2. may or may not pay cash for goodwill

3. Does not pay cash

4. In form of cash

Q.

When the amount of goodwill brought in by incoming partner is withdrawn by existing partners, the entry is going to be

1. Old partner`s capital account

2. His capital account

3. None of the above

4. Goodwill account

Q.

At the time of admission of a new partner, goodwill belongs to

1. Belongs only to the old partner who have credited it

2. Belongs only to the new partners who is going to be admitted

3. Belongs to all partners, new and old

4. None of the above

Q. Explain the following terms in brief.
(a) Perpetual succession
(b) Common seal
(c) Artificial person

Q. When partners current accounts are prepared in partnership firms ?

Q. The partner of a partnership entered into a contract with an outsider favouring him personally, ignoring the interest of partnership firm. What value is ignored?

Q. what is the meaning of bachelor?

Q.

How is increase in goodwill treated in the cash flow statement