Question

Karan, Nakul and Asha were partners in a firm sharing profits and losses in the
ratio 3 : 2:1. At the time of admission of a partner, the goodwill of the firm
was valued at $2,00,000. The accountant of the firm passed the entry in the
books of accounts and thereafter showed goodwill $2,00,000 as an asset in the
Balance Sheet. Is he correct in doing so? Why?​

Answer 1

Answer:

as we know karna annul and asha were partners in a firm profits and looses good will valued thereafter as an asset in the balance sheet because they are the a assets of companies.