Accountancy, asked by ishaangupta217, 1 year ago

Explain various methods for the treatment of goodwill on the admission of a new partner?

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Answered by Anonymous

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Answer:

TREATMENT OF GOODWILL ON ADMISSION OF PARTNER

When Premium (goodwill) is brought in cash. Cash A/c Dr. ...

When Premium (goodwill) is brought in cash. Cash A/c Dr. ...

New partner's Current A/c Dr. To old partner's capital A/c. ...

Cash A/c Dr. To New partner's Capital A/c. ...

Assets A/c Dr. To New partner's Capital A/c. ...

Old Partner's Capital A/c Dr. To New Partner's Capital A/c.

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