Treatment for goodwill in books

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2014 Dear All,
Please suggest what will be treatment for goodwill payment when some firm has converted into private limited. also mention how goodwill acn be written off in books & treatment for amortisation

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 March 2014 Goodwill A/c Dr
To Bank A/c

Goodwill should be written off over a period of 5 years.

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Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2014 Do we need to formulate any accounting policy for this??

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2014 Do we need to formulate any accounting policy for this??

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