At the time of retirement of a partner, goodwill appearing in the balance sheet is: MCQ with Answer and Explanation

Question
At the time of retirement of a partner, goodwill appearing in the balance sheet is:
A. Transferred to revaluation account
B. Written off among all partners in old ratio
C. Retained as is
D. Credited to retiring partner only
Answer: Option B
Solution (By JKSSB Mock Tests)
Existing goodwill in books is written off by debiting all partners' capital accounts in old ratio.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
Under the Companies Act 2013, the 'National Company Law Appellate Tribunal' (NCLAT) hears appeals against the orders of:
A. CAG
B. SEBI
C. RBI
D. NCLT
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
The NCLAT is the appellate authority that hears appeals against the orders passed by the National Company Law Tribunal (NCLT) under the Companies Act 2013.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In the context of PFMS, what is the primary purpose of the 'Online Payroll and Attendance System' (e-Payroll) module?
A. To process pensions for retired employees
B. To collect tax deductions from private sector employees
C. To manage the procurement of office supplies
D. To generate and process salary bills for government employees digitally
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
The e-Payroll module in PFMS is designed to digitize the generation, processing, and payment of salary bills for government employees, ensuring transparency and reducing paperwork.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Financial Reporting' under Ind AS is applicable to companies as per:
A. SEBI regulation
B. MCA notification
C. RBI directive
D. ICAI guideline
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Ministry of Corporate Affairs notifies Ind AS rules.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Statistics 1318 Accountancy and Book Keeping 1861
Explore Subjects
Accountancy and Statistics 3179 Maths 5575 Geography GK 6121 Current Affairs 575 Reasoning 2064
Practice Mix
The 'First Phase of the Revolutionary Movement' in India is associated with:
India won the ICC Men's T20 World Cup 2026 for a record how many times?
A boat can row 15 km/h in still water. If the velocity index of the stream tracks at 3 km/h, find the time parameter taken by the boat to row 36 km upstream.
A man sells an article for Rs. 880, gaining 10%. What is the cost price?
Which is a predicative adjective?