journal entry for goodwill and capital bought by a new partner?
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Answer / Kunal Dwivedi
When a new partner buys into a business, the journal entries for goodwill and capital would be as follows: Debit Cash (or bank account) for the amount paid by the new partner, Credit Partners Capital Account. For Goodwill, debit Goodwill Control Account and credit Bank Account (if goodwill is paid in cash) or Credit Partner's Capital Account if goodwill is allocated to the new partner.
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