Sale of Goodwill
JodieR
Registered Posts: 1,002 Beyond epic contributor 🧙♂️
I've prepared a set of accounts for a partnership up until it was incorporated - the accountants who are going to be preparing the Ltd Co accounts in future have seen the accounts and asked that I introduce an entry for the sale of goodwill. I've entered it into the P&L account and I'm guessing that in the balance sheet I should be showing a debtor of the same amount - is that right and if so do you know what I should call the account?
Jodie
Jodie
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Comments
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You could show it as either sundry debtor or "Unpaid proceeds on goodwill". Partnership accounts aren't subject to statutory format so it should be ok using either of these terminology.
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