Goodwill

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NIHIT MALHOTRA

NIHIT MALHOTRA (Querist)
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12 May 2016 Please enumerate the treatement of amortization of goodwill

SANTOSH SAGAR K

SANTOSH SAGAR K (Expert)
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12 May 2016 is it a self generated goodwill or purchased goodwill. please explain the accounting treatment and how the goodwill has arisen.

Amol S Joglekar

Amol S Joglekar (Expert)
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12 May 2016 if the goodwill is purchased, to be used for a certain number of years, then the question of amortisation will arise. Please elaborate your situation.

NIHIT MALHOTRA

NIHIT MALHOTRA (Querist)
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12 May 2016 The goodwill is purchased.

Amol S Joglekar

Amol S Joglekar (Expert)
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13 May 2016 If it is purchased for life time, then no need to amortise the same. The question of amortisation comes when the goodwill purchase is for a term say 3 years, 5 years and so on.
But goodwill purchases for life time need not be amortised.
The entries for amortisation are similar to depreciation entry....
Debit amortised goodwill (expenses)
Credit Goodwill

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