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When Goodwill Exist in the Business

At the time o...

Question

At the time of retirement of a partner full goodwill is credited to the accounts of ________.

A

all partners

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B

only retiring partner

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C

only remaining partner

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D

none of the above

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Solution

The correct option is B all partners
If at time of retirement of a partner, goodwill appear in the balance sheet of a firm, it is written of by debiting all the partners capital accounts in their old profit sharing ratio and crediting the goodwill account.

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When Goodwill Exist in the Business

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