How is goodwill adjusted in the books of a firm -when a partner retires from partnership?

Question

Mir Mujtaba Ali · Answer

remaining partners capital a/c ...Dr

to retiring or deceased partners capital a/c

In case good exists in the balance sheet that should also be written off as follows:

Partners capital a/c (all) ......Dr

to good will a/c

Alaa Ali Mohamed · Answer

We'll Reduce Both Our Intangible Assets (goodwill) And The Share Of Retired Partener As Followimg :-

Dr : Capital ( Share Of Retired Partener ) .

Cr: Goodwill _( Intangible Assets).