Question

would goodwill come in revaluation account during admission or retirement of partner??​

Answer 1

Answer:

Every transaction have two affects . Existing goodwill is not shown in revaluation account as it would share between partners and also shown in balance sheet on asset side .

So partner's capital account qnd balance sheet records the existing goodwill  that's why there is no Direct impact of old goodwill on revaluation account And old goodwill should be distributed among partners. So no increase and decrease arises and revaluation shows increase decrease in assets .Hence it not under revaluation account.

Explanation:

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