Question : If goodwill is withdrawn which account will be credited
Option 1: Cash account
Option 2: Goodwill account
Option 3: Old partner's capital account
Option 4: None of these
Answer (1)
11th Jan, 2024
Correct Answer: Cash account
Solution :
Answer =
Cash account
If partners decide to withdraw the amount of goodwill in cash. Their cash account will be credited and partners' capital account will be debited.
Hence, the correct option is 1.
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