Goodwill
This query is : Resolved
12 May 2016
Please enumerate the treatement of amortization of goodwill
12 May 2016
is it a self generated goodwill or purchased goodwill. please explain the accounting treatment and how the goodwill has arisen.
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.
12 May 2016
The goodwill is purchased.
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- FCRA 6 E- Intimation
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
