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

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyReconstitution of Partnership (Retirement of Partner)1 Mark
Question
Why is retiring partner’s capital account credited with goodwill?
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Answer

Goodwill is an intangible assets or benefits accrued to the firm and its benefits are transferred to retiring partner’s Capital A/c by giving credit.

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