Can someone please explain what is to be done when a partner retires or is admitted into partnership and some amount of goodwill already appears in Balance Sheet? What shall be the accounting treatment of goodwill?
Eg- Goodwill is valued at 50000 and a Goodwill of 10000 appears in Balance Sheet
And what happens when a partner retires and at the same time a new partner is admitted in the firm, how the above treatment shall be done?
CAclubindia
