How goodwill is recorded on the retirement of a partner?
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Goodwill of the firm is valued in the manner prescribed by the partnership deed. ... The retiring partner's capital account is credited with his share of goodwill and the amount is debited to the remaining partners' capital accounts in the ratio of their gain.
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Treatment of Goodwill:
Goodwill of the firm is valued in the manner prescribed by the partnership deed. ... The retiring partner's capital account is credited with his share of goodwill and the amount is debited to the remaining partners' capital accounts in the ratio of their gain.
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