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Partnership accounts are not examined in Paper F3 – they were removed from the syllabus several years ago.
(The entry used to be Cr goodwill and Dr partners accounts)
thanks sir fa ma correction infact i didnt rmmbr that but i was thinking goodwill as asset thats y i was thinkng that it may go DR
John, please answer
Do topic (partnership account) about partnership, sole trader , and llc and their differences include to this topic?
Partnership accounting was removed from the syllabus several years ago.
Goodwill is only relevant in limited company accounts. It can only be shown if it is purchased goodwill (as opposed to ‘home grown’) and should be revalued each year. If the value has called then it should be impaired (like depreciated).
It is only really relevant to you in the context of group accounts where goodwill arising on consolidation appears.
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