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Which account is debited when old goodwill is written off?

Answer and explanation

Correct answer: Old partners capital accounts

Goodwill is an old asset and its benefit belongs to old partners. So old partners' capital accounts are debited in old ratio.

Related tags

Old GoodwillJournalCapitalGoodwill AccountingReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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