Welcome to the NCERT Solutions for Class 12 Accountancy - Chapter Reconstitution of a Partnership Firm - Admission of a Partner. This page offers a step-by-step solution to the specific question from Exercise 1, Question 5:
If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?
. With detailed answers and explanations for each chapter, students can strengthen their understanding and prepare confidently for exams. Ideal for CBSE and other board students, this resource will simplify your study experience.If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?
If some goodwill already exists in the books of old firm, then it should be written off among the old partner's itself in their old profit sharing raito. Following journal entry shall be passed for this:
Old Partner's Capital Account Dr.
To Goodwill Account
(Goodwill Written off in old ratio among the old partners)
NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:
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Welcome to the NCERT Solutions for Class 12 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 5: If some goodwill already exists in the books and the new partner brings in his share of goodwill in ....
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