Question

The goodwill of firm was valued at Rs.350000 but it was not appear in books

Answer 1

Answer is with respect to admission of partner in firm...!
Goodwill is a form of compensation provided by the incoming partner in the firm to the existing partner.
So the partner might have decided to write off the goodwill.
Goodwill a/c Dr
To cash a/c

Old partner’s capital a/c Dr
To goodwill a/c
(If the goodwill is retained in the business then no further entry is passed)
If taken over by the partners then:
Old partner capital a/c Dr
To cash a/c