goodwill entry

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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

Rupesh Jain

Rupesh Jain (Expert)
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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

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