A new partner is admitted into a firm; but he is not in a position to – InterviewSolution

1.	A new partner is admitted into a firm; but he is not in a position to bring his share of goodwill. What the firm will do?
Answer» When the new partner is not able to bring his share of goodwill, his account is debited and the sacrificing partners capital account is credited. The following is the journal entry. New Partners’ Capital A/c Dr. To sacrificing Partners’Capital A/c.

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