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Reconstitution of Partnership (Admission of Partner) — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyReconstitution of Partnership (Admission of Partner)2 Marks
Question
If the Goodwill Account is raised up, Goodwill Account is debited.
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Answer

This statement is True.
As per the rules of Accountancy when the value of an asset increases or raises, its account is debited in the books of account. Goodwill is an Asset.

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