Existing goodwill is the goodwill that appears on the balance sheet and should be written off.
To write off goodwill, the partner’s capital account is debited and the goodwill account is credited with the amount of existing goodwill.
The goodwill is debited to the partner’s capital account in their old profit sharing ratio.
Final answer: Hence, the partner’s capital account is debited while writing off the existing goodwill.
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