Goodwill already appearing in the balance sheet at the time of admission of a partner is transferred to: a. Capital account of old partners O b. Capital account of new partner O c. None of these. d. Revoluution account Which of the following given below is the suitable meaning of goodwill, the intangible asset? O a. The properties which has no physical structure of size O b. The capitalized value attached to the differential profit capacity of the business c. Present value of a firms anticipated earnings O d. All of these are correct. Varma and Sharma are partners in a firm sharing profits and losses in the ratio 5:3. They admitted Ghazi as a new partner for 1/5th share of profits. Ghazi is to bring OMR 20,000 as capital and OMR 4,000 as his share of goodwill premium. What will be the appropriate journal entry if 50% of the amount of goodwill is withdrawn: A. Verma's capital a/c Dr.1,250 Sharma's capital alc Dr. 750 To Cash alc 2,000 B. Cash a/c Dr. 24,000 To Ghazi's capital a/c 20,000 To Premium for goodwill a/c 4,000 OC. Verma's capital alc Dr. 2,500 Sharma's capital a/c Dr. 1,500 To Cash a/c 4,000 D. Goodwill was not brought in to firm so no entry will be passed In normal trading circumstances, which of the following would not be found in partners current account? O a. Drawings O b. Salaries. . O c. Goodwill O d. Interest on drawings New partners share of goodwill is taken by old partners in their: O a. Old profit sharing ratio O b. Sacrificing ratio O c. New profit sharing ratio d. Gaining ratio