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Under what circumstances premium for goodwill paid by incoming partner would not be recorded in the books of account?

Anurag Pathak
July 18, 2023
[ISC] Admission of Partner, [ISC} TS Grewal Solutions, Accountancy Class 12th

2.76K viewsJuly 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Anurag Pathak30.76K July 18, 2023 0 Comments

Under what circumstances premium for goodwill paid by incoming partner would not be recorded in the books of account?

Anurag Pathak Changed status to publish July 18, 2023

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Anurag Pathak30.76K Posted July 18, 2023 0 Comments

When goodwill is paid privately by an incoming partner, no entry is passed in the books of the firm as it is not a transaction of the firm.

Anurag Pathak Changed status to publish July 18, 2023

Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.