Question

18. (Goodwill Appear in the Books) A, B and C are partners in a firm. On C's retirement
goodwill has been valued at rs 31,000. There is goodwill account in the books of the firm with
a balance of 31,000. What will be the journal entry to record the goodwill ?
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Answer 1

Answer:

A's Cap. A/c Dr.

B's Cap. A/c Dr.

To C's Cap. A/c

(Being goodwill share remaining partner)

A's cap. A/c Dr.

B's Cap. A/c Dr.

C's Cap. A/c Dr.

To Goodwill A/c

(Being goodwill share in partner)