State whether the following statements are True or False:1. In case go

1.	State whether the following statements are True or False:1. In case goodwill account is written off, the capital account of all partners is credited. 2. The retiring partner is entitled to his/her share of goodwill at the time of retirement because the goodwill is the result of past efforts of all partners including the retiring one.
Answer» 1.False, 2.True,

State whether the following statements are True or False:1. In case goodwill account is written off, the capital account of all partners is credited. 2. The retiring partner is entitled to his/her share of goodwill at the time of retirement because the goodwill is the result of past efforts of all partners including the retiring one.

Answer»

1.False,

2.True,