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Business purchase account

Balamurugan (Cost accountant)     24 November 2018

Cost accountant 
 26 points

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Goodwill is intangible asset debit in nature but in while amalgamation business purchase account credit goodwill why?


Mayur Patil (Article)     25 November 2018

Mayur Patil
 164 likes  1276 points

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It's credited in the books of vendor(seller) a/c because you've to necessarily prepare realisation a/c and all the asset (including fictitious asset) and all the liability you've to transfer realisation a/c

So in the books of vendor following entry you've to pass

Realisation a/c dr
To FA(inc. intangible / fictitious asset)

After making realisation a/c if there any surplus or deficit should be transfer equity share holders a/c its considered as loss or profit for share holders.

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Vishesh Surana   25 November 2018

Vishesh Surana

 360 likes  5652 points

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Because it is for addition in value of what we have received as per SC judgement in the case of Smiff Securities Ltd

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