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retirement case

194 views 4 replies

Pranay Dubey

51 Points Posted on 25 August 2018

if there is increment in goodwill
can we credit the excess amount in revaluation account

Replies (4)

Ruchika Somani

Coaching and Practice in Tax Audit Law

4429 Points Posted on 25 August 2018

No, you need to either add in Goodwill or debit to capital account

Guest

If the goodwill is appearing in the balance sheet before retirement, then write it off by debiting capital accounts of all partners.

The value of new goodwill will be adjusted in gaining / sacrificing ratio.

Pranay Dubey

51 Points Posted on 27 August 2018

and what if there is not given new PSR ?
what will be my gaining ratio

can i assume my old PSR As a gaining ratio ?

Guest

Yes. Gaining ratio is old PSR.

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