Maharashtra State BoardHSC Commerce (Marketing and Salesmanship) 12th Board Exam
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State True or False with reason. When goodwill is written off, goodwill amount is debited. - Book Keeping and Accountancy

MCQ
True or False

State True or False with reason.

When goodwill is written off, goodwill amount is debited.

Options

  • True

  • False

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Solution

This statement is False.

Explanation: 

If old (or existing) goodwill appears in the books of a firm, then at first, it is written off by debiting the Old Partners’ Capital Accounts in their old profit sharing ratio and crediting the Goodwill Account.

Concept: Concept of Goodwill
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Chapter 3: Reconstitution of Partnership (Admission of Partner) - Exercise [Page 108]
Q 9
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 3 Reconstitution of Partnership (Admission of Partner)
Exercise | Q 9 | Page 108
Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board
Chapter 3 Reconstitution of Partnership (Admission of Partner)
Exercise 3 | Q 1. (C) 7. | Page 159
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