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RP
Question Practice

Which of the following is true regarding the journal entries for goodwill when a new partner is admitted?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Accountancy
Accountancy Part - I
Reconstitution of a Partnershi...
Question Bank

Which of the following is true...

Single Answer MCQ
Q-00082139

Which of the following is true regarding the journal entries for goodwill when a new partner is admitted?

1

Goodwill is credited to the new partner's Capital account

2

Goodwill is debited to the new partner's Capital account

3

Goodwill is only recorded when all partners agree

4

No entry is needed if goodwill is retained

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Q1.

What is reconstitution of a partnership firm?

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Q2.

What are the different modes of reconstitution of a partnership firm?

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Q3.

When can a new partner be admitted into a partnership firm?

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Q4.

What rights does a newly admitted partner acquire in a partnership firm?

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