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Question
State whether the following statement is True or False with reason.
If Goodwill is written off a deceased partner’s capital account is debited.
Options
True
False
MCQ
True or False
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Solution
This statement is False.
When the benefits of goodwill are given to the deceased partner, his capital account is credited and when such goodwill is written off, capital accounts of remaining partners are debited.
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Chapter 5: Reconstitution of Partnership (Death of Partner) - Exercise 5.1 (Objective Questions) [Page 201]
