1. When goodwill is paid privately, no
entry in the books of account is required. (True)
2. The goodwill brought in by a new
partner is shared by the old partners. (True)
3. The goodwill brought in by a new
partner is shared by all partners. (False)
4. Profit on revaluation account is
distributed between the old partners on admission of a partner. (True)
5. The new partner must pay his share
of goodwill in cash only. (False)
6. A new partner is admitted in the
firm for getting additional capital and skill. (True)
7. The credit balance of revaluation
account means loss on revaluation account. (False)
8. If the goodwill account is raised
up, goodwill account is debited. (True)
9. When goodwill is written off,
goodwill amount is debited to all partners capital account in new ratio. (True)
10. On admission of a partner, the
amount of goodwill brought in cash is credited to goodwill account. (True)
