When goodwill is not retained in the business, the entries in the new partners’ book…

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Accounts - Principles of Accounts JAMB 2006

When goodwill is not retained in the business, the entries in the new partners’ book will be to debit?

  • good account and credit partners' capital account
  • partners' capital account and credit goodwill account checkmark
  • cash account and credit goodwill account
  • goodwill account and credit cash account

The correct answer is: B

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