Govind Hari and Pratap are partners On the retirement of Govind...

Home / Commerce / Accounting / Question

Examveda

Govind, Hari and Pratap are partners. On the retirement of Govind, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written off by

A. Debiting all partner's capital accounts in their old profit-sharing ratio

B. Debiting remaining partner's capital accounts in their new profit-sharing ratio

C. Debiting retiring partner's capital accounts from his share of goodwill

D. None of the above

Answer: Option A

This Question Belongs to Commerce >> Accounting

Join The Discussion

Related Questions on Accounting

Accounting provides information on

A. Cost and income for managers

B. Company's tax liability for a particular year

C. Financial conditions of an institutions

D. All of the above

View Answer

The long term assets that have no physical existence but are rights that have value is known as

A. Current assets

B. Fixed assets

C. Intangible assets

D. Investments

View Answer

The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

A. Current assets

B. Fixed assets

C. Intangible assets

D. Investments

View Answer

Patents, Copyrights and Trademarks are

A. Current assets

B. Fixed assets

C. Intangible assets

D. Investments

View Answer

More Related Questions on Accounting