Question

State provision for the goodwill as per accounting standard-26​

Answer 1

Answer:

The AS-26 standard specifies that goodwill should be immediately written off after it has been raised. That is, as per this AS, goodwill has to be adjusted through Partners' Capital Account. The following Journal entry records the treatment of the goodwill in case of admission of a new partner.

Answer 2

Explanation:

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