Use the following information to answer the question below
Mr White acquired Mr Black’s business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.
The double entry to record the good will in the books is debit
A Cash account and credit goodwill account
B Goodwill account and credit purchase of business account
C Goodwill account and credit cash account
D Purchase of business account and credit cash account
Answer is B
