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Goodwill
Dear Expert,
Pl. give brief information abt goodwill,
Pl. indicate accounty entry of goodwil
Replies (3)
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.
Thanks sir
what is accounting Treatment
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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