State 'True' or 'False'When goodwill is written off, goodwill amount i

1.	State 'True' or 'False'When goodwill is written off, goodwill amount is debited.OptionsTrueFalse
Answer» False Explanation: If old (or existing) goodwill appears in the books of a firm, then at first, it is written off by debiting the Old Partners’ Capital Accounts in their old profit sharing ratio and crediting the Goodwill Account.

State 'True' or 'False'When goodwill is written off, goodwill amount is debited.OptionsTrueFalse

Answer»

False

Explanation: If old (or existing) goodwill appears in the books of a firm, then at first, it is written off by debiting the Old Partners’ Capital Accounts in their old profit sharing ratio and crediting the Goodwill Account.

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State 'True' or 'False'When goodwill is written off, goodwill amount is debited.OptionsTrueFalse

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