which of the following is not a means of raising capital by a promoter?

The option that is not a means of raising capital by a promoter is "goodwill". Goodwill is an intangible asset that represents the reputation and value of a business or brand. It is not a source of funds that a promoter can use to raise capital for a business venture. On the other hand, borrowing, selling of shares, selling real assets, and past savings are all viable means of raising capital for a business venture. Borrowing involves taking loans from banks or other financial institutions, while selling of shares involves offering a portion of the ownership of the business to investors in exchange for funds. Selling real assets involves selling physical properties or assets that the business owns, while past savings refer to the personal funds that the promoter has accumulated over time and can use to invest in the business. In summary, while goodwill is an important asset for a business, it cannot be used as a means of raising capital by a promoter.