Give two characteristics of Goodwill. Post category:Accountancy Reading time:1 mins read SOLUTION (i)It is an intangible asset not a fictitious asset. It is a valuable asset; (ii) It is helpful in earning excess profits. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostDefine Goodwill. Next PostHow the goodwill is valued under the average profit’s method? You Might Also Like X and Y are partners with capitals of Rs. 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in Rs. 80,000 as his share of capital. The Profit and Loss Account showed a credit balance of Rs. 40,000 as on date of admission of Z. Give necessary journal entries to record the goodwill. August 1, 2022 What does a low working capital turnover ratio indicates? October 3, 2022 Calculate Net Profit before Tax and Extraordinary Items of Premier Sales Ltd. from its Balance Sheet as at 31st March, 2019: August 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
X and Y are partners with capitals of Rs. 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in Rs. 80,000 as his share of capital. The Profit and Loss Account showed a credit balance of Rs. 40,000 as on date of admission of Z. Give necessary journal entries to record the goodwill. August 1, 2022
Calculate Net Profit before Tax and Extraordinary Items of Premier Sales Ltd. from its Balance Sheet as at 31st March, 2019: August 18, 2022