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Querist : Anonymous

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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.
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CA. Chikkerur C R

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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
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