Multiple Choice Questions on When does need valuation of goodwill ........ for Common University Entrance Test (CUET) Preparation

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Multiple Choice Questions

When does need valuation of goodwill ........

Accountancy (CUET) Fundamentals of Partnership
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     When does need valuation of goodwill

    Both
     

    Correct Answer

    On Retirement or death of a partner
     

    Incorrect Answer

    Admission of partner
     

    Incorrect Answer

    None of the options

    Incorrect Answer
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    Explanation:

    To calculate goodwill, the fair value of the assets and liabilities of the acquired business is added to the fair value of business' assets and liabilities. The excess of price over the fair value of net identifiable assets is called goodwill.

    By: NIHARIKA WALIA
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