accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 October 2010
how will you deal with goodwill when,
1. New partner brings his share of goodwill in cash.
2. New partner does not bring his share of goodwill in cash.
1. New partner brings his share of goodwill in cash.
2. New partner does not bring his share of goodwill in cash.
CA. Chikkerur C R
(Expert)
17 October 2010
For Good will in cash bought in
Cash Account Dr XXXXX
To Good Will XXXX
This will be transferred to old partners in sacrifice ration by crediting to their partner capital account.
If no cash bought
then new partner capital account will be reduced to the extent of " share of good will"by debiting his capital account & crediting existing partners account in their sacrifice ration
Cash Account Dr XXXXX
To Good Will XXXX
This will be transferred to old partners in sacrifice ration by crediting to their partner capital account.
If no cash bought
then new partner capital account will be reduced to the extent of " share of good will"by debiting his capital account & crediting existing partners account in their sacrifice ration
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