Existing goodwill in the books at the time of admission must be written off among the old partners only in their old profit sharing ratio, since it was built up before the new partner joined. Entry: Old Partners' Capital A/c Dr. To Goodwill A/c.
At the time of admission of partner if goodwill exist in the books of account it will be written off among:
Held on 30 Aug 2022 · Verified 13 Jul 2026.
Old partners in sacrificing ratio
All the partners in new ratio
New partners in gaining ratio
Old partners in old profit sharing ratio
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.