Transfer of Goodwill
We are tranferring goodwill from a partnership to a limited company, and I'm getting confused re the accounting entrys please can someone help my thoughts are:
in the company:
Dr Goodwill x
Cr Directors loan ac x.
In the partnership, there was no goodwill valued until transfer, so journal as follows:
Value goodwill
Dr Goodwill valuation x
Cr Partners capital acs x
Disposal of goodwill
Cr Goodwill
Dr Debtor from the company.
Not sure this is correct re the partnership, any suggestions appreciated.
D
P.S Just thought I'd add this will be going through our company accountants, but I'm keen to get the entry's correct in the first place.
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