Day: November 7, 2020

A partnership does not maintain a Goodwill account. It recently admitted a new partner.

No adjustments were made for Goodwill in the partners’ Capital accounts.

What is the effect of this omission? 

Select ONE answer:

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

1. Not correct
2. Correct
3. Not correct
4. Not correct

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