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partnership

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(Querist)
30 June 2008 explain me the accounting treatment of goodwill in a partnership firm.
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MANAS ROUT

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MANAS ROUT (Expert)
30 June 2008 same as per corporate assessee.
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Amit Bajaj

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Amit Bajaj (Expert)
01 July 2008 How is goodwill arising? is it on admission of partner, or leaving, or death.

Goodwill a/c ..Dr
To Capital of partners account .. Cr
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Chintan Gajjar

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Chintan Gajjar (Expert)
01 July 2008 It is important that how goodwill have been arised.
If Goodwill increased due to increase in the market prestige / share.
Goodwill Dr.
To Existing Partners' Capital A/c

If Goodwill incase of Admission / Retirement of partner/s
Goodwill Dr.
TO Old Partners' Capital A/c
If Partners decided not to show Goodwill in Balance Sheet then,
New Partners Capital A/c
To Goodwill A/c

Alternate Method to pass above two entries
New Partners Capital A/c
To Old Partners Capital A/c
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