JAMB Accounting 2012 Objective — Question 39

Question 39 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2012 Objective paper, with the correct answer and a full explanation.

What way can a goodwill be written off in a partnership account?

A. Using the partners' profit and loss sharing ratioCorrect
B. By neglecting the ratio of partner's capital contributions
C. By sharing it among the partners where no agreement exists
D. By sharing it among the active partners only

Explanation

Goodwill can be written off in a partnership using the partners' profit and loss sharing ratio.

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