Question

mention the accounting treatment required when the incoming partner brings presonal goodwill in the business​

Answer 1

Answer:

1] Premium Method

1] Premium MethodUnder this method, when the incoming partner brings his share of goodwill in cash, the existing partners share it in the sacrificing ratio. However, when the amount of goodwill is paid privately by the new partner to old partners privately in cash, no entry is passed in the books of the firm.

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