Valuation of Goodwill

Nature of goodwill is

• Fictitious asset

  
  

• Long term liability

• Intangible asset

• Current asset

Debenture is __________for a company .

Revaluation account is ​ (a)   account.​

• Personal Account
• Real Account
• nominal

At the time of admission, Gain (Profit) or Loss on revaluation is shared by the old partners

in their ________________ ratio.

What is admission of partner called

• a new person comes in firm

• a person comes in firm by the concern of existing partner

• a person go out from the firm

• None of the above

A, B and C are partners in a Firm. If D is admitted as a new partner (a)  

• Old Firm is dissolved
• Old Firm and partnership is dissolved
• Old partnership is reconstitution.

On the admission of new partner, which one of the following lying in the balance sheet should be transferred to the capital accounts of the old partners in the old profit sharing ratio?

• Bank Overdraft

• General Reserve

• Bill payable

• Outstanding Expenses.

Which asset is compulsorily revalued at the time of admission of a partner?

• Goodwill

• Land and Building

• Plant and Machinery

• Furniture and Fittings

In the case of downward revaluation of an asset, Revaluation Account is ___________.

goodwill is not recorded in the books at all on admission of a partners ​ (a)   .

• If paid privately
• If brought in cash
• If not brought in cash
• If brought in Kind