Retirement or D...

Match the following:

Goodwill of the partnership business is the property of the _______.

ABC are three partners sharing profit and loss equally.The firm decides to give only 1/5th share of profit to C in future due to his illness. on the date of change in the profit sharing ratio the goodwill of the firm was valued Rs.6000. What entry would be made to give effect to this change in the profit sharing ratio

Which of the following statement is true?

In settling the accounts of the firm after dissolution, the goodwill of the firm can be sold ____________.

When goodwill account is subsequently written off after admission of a new partner the capital A/c of all the partners is debited in

The majority rule is applicable when the partners are divided over _______.

When the personal property of a partner is being used in the business of the firm, it ______.

Premium method of valuation of goodwill is used when the _________

Excell Associates is a partnership firm, it intent to revalue its goodwill, average profits for the past five years are Rs 25000 p.a. Goodwill is being valued 3 years purchase of average profit. Good will of the firm will be valued at Rs __pa