Accounting Treatment for Goodwill On Admission Of Partners(Part3of3)

October 14th, 2008 Comments off
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Earlier Method 1 and Method 2 have been discussed.

The third method is as follows:

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Method No. 3: Goodwill is NOT recorded in the books and paid DIRECT to the existing/old partners

· No record in the partnership’s books

· Least advantageous to incoming partners as the money which he pays for goodwill is not kept in the business.

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Financial Accounting

 
 

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