Partnership

Accounting

Easy

common

Which of the following is not accounted for in the books and shown as an asset?

Purchased Goodwill

Self generated Goodwill

Purchased Assets

Borrowed Assets

✅ Correct Option: 2

Under AS 26, only goodwill acquired for consideration can be recorded, because there is a reliable cost to measure. Self generated or inherent goodwill is built up internally over time with no identifiable cost, so it is never brought into the books as an asset.

Purchased goodwill and purchased assets both have a measurable cost and are duly recorded.

2024

A, B and C are partners sharing profits in the ratio of 3:3:4. They decide to share the future profits equally. The sacrifice or gain of partners are:

2025: 30 May Shift 2

Which of the following is not a features of partnership:

2026: 29 May Shift 1

The partnership deed of a partnership firm includes:

(A) Salaries and Commission payable to partners

(B) Rules regarding the operation of bank accounts

(D) The Accounting period of the firm

Choose the correct answer from the options given below:

2025: 4 June Shift 2

Choose the correct statement if a partnership deed is not present.

2025: 22 May Shift 1

Which of the following statement is incorrect?

2025: 30 May Shift 2

Which of the following is the feature of fluctuating capital:

Which of the following is not accounted for in the books and shown as an asset?

Solution

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