Question

if any asset is taken over by partner at the time of his retirement how will you record it​

Answer 1

Explanation:

Goodwill of the firm is valued in the manner prescribed by the partnership deed. If there is no such clause in the partnership deed, it will be valued by mutual consent or arbitration. Retiring partner’s share of goodwill is then ascertained which depends on the share of profits the retiring partner has been getting. 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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Answer 2

Answer:

Goodwill of frim is followed in the manner