goodwill

This query is : Resolved

prem (Querist)
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07 September 2010 At the time of retirement can goodwill be raised by debiting Goodwill a/c and crediting Partners capital a/c in any case.

CA PRAMOD SARAOGI

CA PRAMOD SARAOGI (Expert)
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07 September 2010 If there is a provision in the deed of partnership that the retiring partner will have the share in the goodwill of the firm at the time of his retirement.

Srinivas Rao

Srinivas Rao (Expert)
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08 September 2010 Yes:
1.If the deed provides for share of retiring partner, as mentioned by CA Pramod Saraogi

2.If the parners agree to do show for adjusting the outgoing partner's share.

3. If the firm is not required to adopt AS - 26 whic requires inherited goodwill cannnot be accounted for.