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Goodwill in partnership
what is the exact logic behind the raising and writing off of goodwill during admission of a partner in a partnership firm
Replies (3)
Quick Summary
Goodwill is a result of the past efforts of the all old partners. To know the true value of business, created by all old partner n give the credit of the same to old partner Goodwill is calculated at time of admission n credited to old partner.
And as Goodwill is self created intangible assets, which can't be shown in balance sheet it's written off thereafter.
And as Goodwill is self created intangible assets, which can't be shown in balance sheet it's written off thereafter.
Thank you so much sir for your answer.
It helped me a lot
It helped me a lot
You'r most welcome, sir
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