Question : Upon partner retirement,Goodwill will be credited to the capital account of -

Option 1: Remaining partners

Option 2: Retiring Partner 

Option 3: All partners 

Option 4: None of the above

Question : At the time of Death of a partner Deceased partner’s share of profit earned from the beginning of the financial year up to the date of death. Will be -------- to his capital account

Option 1: Debited 

Option 2: Credited 

Option 3: Either A and B 

Option 4: None of the above

Question : Which of the following statements is true?

Option 1: Goodwill, if existing in the books, is written off by debiting all Partners (including Deceased Partner) Capital Accounts.

Option 2: Deceased Partner’s  Capital Account is credited with  his share in Goodwill as valued on the date of his death.

Option 3: Both 1 and 2

Option 4: Neither 1 Nor 2

Question : Which of the following statements is true?

Option 1: Goodwill, if existing in the books, is written off by debiting all Partners (including Deceased Partner) Capital Accounts.

Option 2: Deceased Partner’s  Capital Account is credited with  his share in Goodwill as valued on the date of his death.

Option 3: Both 1 and 2

Option 4: Neither 1 Nor 2

Question : The sum owed to a partner upon his passing/death shall be credited to -

Option 1: Remaining partner’s Capital Accounts

Option 2: All partner’s Capital Accounts

Option 3: His Executor’s Account

Option 4: Governments’ Revenue Account