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When Goodwill Exist in the Business

If at the tim...

Question

If at the time of retirement of a partner, goodwill appears in the balance sheet of the firm, it will be written-off by debiting the capital accounts of ______

A

None of the above

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B

All partners

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C

Remaining partners

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D

Outgoing partner

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Solution

The correct option is B
All partners

If at the time of retirement of a partner, goodwill appears in the balance sheet of the firm, it will be written-off by debiting the capital accounts of all partners.

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