by: Admin_LouisPosted on:

When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

A Goodwill account and credit partners capital account

B Cash account and credit goodwill account

C Goodwill account and credit cash account

D Partners capital account and credit goodwill account

Answer is D

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  1. When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________
  2. Gross profit in the branch adjustment account is transferred to the branch_________
  3. The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a
  4. A partnership deed is used to____________

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