goodwill
This query is : Resolved
05 September 2010
At the time of re-constitution of partnership if firm's balance sheet contains goodwill and its value at the time of re- constitution is also given and no other information is provided what will be the treatment for this.
Srinivas Rao
(Expert)
06 September 2010
Either
i. No treatment is required on reconstruction as capital account of sacrificing partners' capital a/c credited for the due.
or
ii. write off goodwill appearing in b/s in old ratio and adjust goodwill by debiting gaining partners' capital a/c and crediting sacrificing partners' capital a/c.
i. No treatment is required on reconstruction as capital account of sacrificing partners' capital a/c credited for the due.
or
ii. write off goodwill appearing in b/s in old ratio and adjust goodwill by debiting gaining partners' capital a/c and crediting sacrificing partners' capital a/c.
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