Question

in case of retirement of a partner goodwill will be credited to th account of_____. (1) all partners. (2) only retiring partner. (3) remaining partner. (4) none of these.​

Answer 1

At the time of retirement of a partner full goodwill is credited to the accounts of all partners (Option 1).

Explanation:

• Goodwill is written by debiting the total partners' capital accounts in their old profit sharing ratio and crediting the goodwill account.
• It is the difference between a partnership's net assets market value and its book value.
• The difference in market value is due to factors like market position, expertise, customer base, location, reputation, etc.

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