Accountancy, asked by shikhachaudhary772, 8 months ago

When goodwill is not recorded in the books at all on admission of partner

Answers

Answered by firoz096khan

Explanation:

When goodwill does not appears in the books

By debiting the Goodwill Account and crediting all the partner's (including the retired/deceased partner) capital accounts in the old profit sharing ratio. The full value of goodwill will appear on the balance sheet of the reconstituted firm.

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