Existing goodwill is written off by crediting the___

None of the above

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Retiring partner`s capital account

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Goodwill account

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Old partner`s capital account

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Solution

The correct option is C
Goodwill account

Existing goodwill is written off by crediting the goodwill account.

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Similar questions

Q. When required amount for premium for goodwill is not brought in by new partner, goodwill account is raised in the books of the firm by debiting goodwill account and crediting partners capital account in old profit sharing ratio and written off in ______ if it agreed not show goodwill in the books of the firm OR ALTERNATIVELY premium for goodwill should be adjusted through partners capital account by debiting new partners share of goodwill to his account and crediting old partners capital accounts in _________.

Goodwill is written off by debiting all the partners’ capital account in the ___

While adjusting for goodwill, ___________ partners' capital account is debited and ___________ partners' capital account is credited.

Q. On retirement of a partner, goodwill appears in the balance sheet , it will be written-off by debiting the capital accounts of partners.

If the value of goodwill is Rs. 3,00,000. The PSR of A, B and C is 1:1:1. A retires and new profit sharing ratio is 1:1. B and C Capital accounts will be debited with what amount?

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Existing goodwill is written off by crediting the___

The correct option is C Goodwill account Existing goodwill is written off by crediting the goodwill account.

The correct option is C
Goodwill account

Existing goodwill is written off by crediting the goodwill account.