Accountancy, asked by kasphanavaneeth5276, 4 months ago

When new partner bring goodwill cash account is credited

Answers

Answered by archanarai9922

Explanation:

If the new partner brings in his share of goodwill in cash and this amount is retained in the business, the amount is credited to the Capital Accounts of old partners in their sacrificing ratio. The following two entries are passed for this purpose: i) Cash/Bank A/c.

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