Question

goodwill return off in the books of new firm is debited to which account

Answer 1

Answer:

2] Revaluation Method

We use this method when the new partner decides not to bring his share of goodwill in cash. Thus, we need to raise the goodwill account in the books by debiting Goodwill account and crediting old partners' capital accounts in the old profit-sharing ratio.

Explanation:

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Answer 2

Answer:

We use this method when the new partner decides not to bring his share of goodwill in cash. Thus, we need to raise the goodwill account in the books by debiting Goodwill account and crediting old partners' capital accounts in the old profit-sharing ratio.