Goodwill in case of admission of a partner
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Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2012
In case of admission of a partner, when the question mentions 'goodwill of the firm was values at (say) Rs 15000' what are the entries to be passed and what is the logic behind the entries so passed?
Amol S Joglekar
(Expert)
10 August 2012
The goodwill that is developed by the existing partners must be credited to their capital accounts. Henceforth, the godwill shall be developed by the partners (including the new one)
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