MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Journal Entries for Recording Goodwill

At the time o...

Question

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

A

None of the above

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

may or may not pay cash for goodwill

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

C

Does not pay cash

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

In form of cash

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B
may or may not pay cash for goodwill

It can be provided either in the form of cash or asset

Suggest Corrections

thumbs-up

0

Similar questions

Q. State 'True' or 'False'

The new partner must pay his share of goodwill in cash only.

Q. New incoming partner pays his share of goodwill in cash and profit sharing ratio of old partner is changed, Goodwill be distributed among old partners ____________.

Q. The new partner does not bring cash for his share of goodwill under the______.

Q. ___________ method is followed when the new partner does not bring in his share of goodwill in cash.

Q. When the incoming partner bring his share of goodwill in cash, which of these methods of revaluation of goodwill is appropriate?

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Accounting Treatment

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Journal Entries for Recording Goodwill

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon