Question : When goodwill is not purchased, goodwill account can:

Option 1: Never be raised in the books

Option 2: Be raised in the books

Option 3: Be partially raised in the books

Option 4: Be raised as per partnership deed

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 : When goodwill is not a purchased goodwill, Goodwill

Option 1: Is not recognized in the books of account

Option 2: Is recognized in the books of account

Option 3: May or may not be recognized in the books of account

Option 4: Is partly recognized in the books of account

Question : If goodwill is withdrawn which account will be credited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