Question

Account which is credited when goodwill is withdrawn by old partners. Answer in a word / phrase / term.

Answer 1

Hey mate ✌️✌️


Account which is credited when goodwill is withdrawn by old partners.


ANSWER ⏬⏬⏬⏬

GOOD WILL ACCOUNT.

Answer 2

The account which is credited when goodwill is withdrawn by old partners is cash/bank account.

* Whenever a new partner joins in the business, he brings an amount which is treated as a 'goodwill' and is mostly withdrawn by the existing partners.

* This amount can also be retained for further use in the business.