Maharashtra State BoardHSC Commerce 12th Board Exam
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What do you mean by raising the goodwill at the time of admission of a new partner? - Book Keeping and Accountancy

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One Line Answer

What do you mean by raising the goodwill at the time of admission of a new partner?

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Solution

Raising the Goodwill at the time of admission of a new partner means debiting Goodwill Account up to the value it is raised and crediting. Old partners Capital Accounts in their old ratio in the books of the firm.

Concept: Admission of a Partner
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APPEARS IN

Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board
Chapter 3 Reconstitution of Partnership (Admission of Partner)
Exercise 3 (Objective Type Questions) | Q 1. (F) 5. | Page 160

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