When the new partner pays for goodwill in cash, the amount should be debited in the firm’s book to:
A. Goodwill Account
B. Cash Account
C. Capital Account of new partner
D. None of these
Answer:B
When the new partner pays for goodwill in cash, the amount should be debited in the firm’s book to:
A. Goodwill Account B. Cash Account C. Capital Account of new partner D. None of these