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Goodwill

295 views 3 replies

mahesh17

Account-Finance Officer

162 Points Posted on 19 October 2015

Dear Expert, Pl. give brief information abt goodwill, Pl. indicate accounty entry of goodwil

Replies (3)

Abhey Gupta

Student CA IPC / IPCC

64 Points Posted on 20 October 2015

Goodwill is nothing but the expected future profits of the company. It is of two types- 1)Purchased Goodwill 2)Self generated Goodwill The former one is shown in the books of accounts while latter one is not.

mahesh17

Account-Finance Officer

162 Points Posted on 20 October 2015

Thanks sir what is accounting Treatment

Abhey Gupta

Student CA IPC / IPCC

64 Points Posted on 25 October 2015

Purchased Goodwill- Assets a/c Dr. Goodwill a/c Dr. To Liabilities a/c To Vendor a/c Self Generated Goodwill- Not recorded in books

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