what is the journal entry when a new partner brings in his share of goodwill in cash and tht goodwill is not to be brought into the books but necessary journal entries are to be made in old partners capital accounts.. and when the goodwill shouldnt be brought into d books is d term used for tht called written off..?? plz reply ..its urgent
for bringing g/w in cash:
cash dr.
To new partner's cap a/c
for adjustment of gw:
new partner's capital a/c dr.
To old partner's cap a/c (in their sacrifising ratio)
when new partner brings his share of goodwill in cash ....which of the following journal entry is correct----->
cash a/c.......Dr
To goodwill a/c
OR
cash a/c Dr
To New Partner's capital a/c
its urgent
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