There’s more than a single ending available in Persona 4: Golden. Together with the Bad, Normal and True Endings a new ending has been added, starring Adachi, called the Accomplice Ending. Here how to see each of these endings. Be careful, this guide contains heavy spoilers.
There’s gonna be an event on December 3rd where all the characters will meet and discuss about everything they have discovered so far. Yosuke will ask some questions to main character: give a wrong answer once and you’ll see the Bad ending, a glorified Game Over screen.. Answer correctly to all of them them and the game will continue. Here are all the correct answers:
On December 5th, visit the North and South ends of the shopping district, the Samegawa Flood Plain and Junes and talk to everyone. Once you have talked with enough NPC a cutscene will begin. After this, you’ll be asked about the name of the killer: if you guess it wrong three times, you’ll get another bad ending. Answer Tohru Adachi and the game will be set for the Normal Ending: complete the dungeon, defeat Adachi and Ame No Sagiri and you’ll be done.
After defeating Ame No Sagiri, the game will continue, and you’ll be in March 2012. Once you have spoken to all maxed Social Link characters, you’ll be asked if you want to go home: say no and head to Junes, enter the elevator and answer no again. After the cutscene, head to Samegawa and speak with Nanako and Dojima, enter the Velvet Room and head to the gas station. After talking more than once with the attendant, a cutscene will begin. After this, head to Junes, enter the Tv and speak to Rise: the final dungeon will open up, leading to the True Ending.
To get on the right path for this ending, you need to have the Jester Social Link at rank 6 by 11/2. After this date, it will level up after story events, getting to rank 8 after being set on the normal ending path. If you identify Adachi as the killer you will be able to rank the Social Link further: choose to not tell friends and pick the following choices on the events in March.
By doing so you will max the Jester Social Link, unlock Magatsu Izanagi for the second playthrough and obtain the Accomplice Ending.