Question : Increase in value of Goodwill means___________

Option 1: Goodwill purchased

Option 2: Non purchased goodwill ( self - Generated goodwill )

Option 3: Both 1 and 2

Option 4: None of the above

Question : Increase in value of Goodwill means___________

Option 1: Goodwill purchased

Option 2: Non purchased goodwill ( self - Generated goodwill )

Option 3: Both 1 and 2

Option 4: None of the above

Question : If the new partner brings the goodwill amount in cash and the goodwill account still has a balance, the goodwill account is wiped down among the previous partners in -

Option 1: The sacrificing ratio

Option 2: The old profit sharing ratio

Option 3: The new profit sharing ratio

Option 4: The gaining ratio

Question : At the time of reconstitution of the firm by way of change in profit sharing ratio/ admission of a partner/retirement of a partner/death of a partner, Gaining partners compensates the sacrificing partner by paying a proportionate amount of

Option 1: Goodwill

Option 2: Capital 

Option 3: Both 1 and 2

Option 4: Either 1 and 2

Question : Which of the statements is true?

Option 1: The deceased partner is entitled to his share of goodwill because goodwill was earned by The firm when he was a partner.

Option 2: In the case of Retirement of a Partner, Gaining Partners Compensate the deceased partner by paying goodwill in their gaining ratio.

Option 3: Deceased Partner s Share of Goodwill = Value of Firm's Goodwill × Profit Share of Deceased Partner

Option 4: All of the above