retirement case

97 views 4 replies

51 Points Joined July 2018

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

Replies (4)

Coaching and Practice in Tax Audit Law

4429 Points Joined June 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.

51 Points Joined July 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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