goodwill entry
This query is : Resolved
Guest
Guest
(Querist)
05 May 2016
sir i am fully confused about the treatment of goodwill in case new partner doea nt bring it in cash
dk goel suggests that we should debits
new partners current a/c
and credit old partners capital a/c
but t s grehwal suggests that we ahould debit new partners current/capital a/c and credit old partners current /capital a/ c respectively as per fixwd and fluctuating capitals
also why dk goel suggeateg to debit new lartners current ac in case of fluxtuating capitls also
pls help me
06 May 2016
its depend on the condition when partner enter in partnership.
if condition that the amount of goodwill credit the capital a/c and no cash introdued by the partner then credit the partner capital a/c
if condition that amount of goodwill will be withdraw by old partner then credit to capital a/c / current a/c and then debit the partner when they withdraw the amount .
if
if condition that the amount of goodwill credit the capital a/c and no cash introdued by the partner then credit the partner capital a/c
if condition that amount of goodwill will be withdraw by old partner then credit to capital a/c / current a/c and then debit the partner when they withdraw the amount .
if
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Reporting Income under Section 44ADA
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
