Question

When a new partner brings his shares of goodwill in cash,the amount is debited to

Answer 1

Answer:

The amount of goodwill brought by the new partner may be either transferred to the capital accounts of the existing or sacrificing partners or may be recorded in the books. The existing partners may either withdraw the whole amount or only some portion of it. This is done following the rule 'debit what comes in'.

Explanation:

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Answer 2

Explanation:

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