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Standard XII
Fundamentals of Accounting and Auditing
Question

In normal trading business, which of the following would not be found in a partner's current account?
  1. Interest on drawings
  2. Goodwill
  3. Amount drawn
  4. All the above

A
All the above
B
Goodwill
C
Amount drawn
D
Interest on drawings
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Solution
Verified by Toppr

Goodwill does not appear in partner's current account instead there are two ways in showing goodwill, one is to show them in the balance sheet (open a goodwill account) and the other one is to not show them in the balance sheet (do not open a goodwill account).

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