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
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
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
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
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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