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Why should a new partner contribute towards goodwill on his admission?

Accounts - Principles of Accounts
JAMB 2018

Why should a new partner contribute towards goodwill on his admission?

  • A. It is a norm
  • B. to ensure new partner also have a stake in the business
  • C. the firm into which he is entering already has some goodwill in the market
  • D. to purchase the business
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Correct Answer: Option C
Explanation

Goodwill is being paid by a new partner because the partnership he is entering into already has goodwill in the market as well as to pay for the portion sacrificed by existing partners in form to their profit to admit the new partner.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Your School's Whatsapp Group - Join Us now
Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now