When a business is purchased from a sole trader, the exce...
When a business is purchased from a sole trader, the excess of the purchase price over the net assets is
Reserve
Goodwill
Freehold
Valuation price
Correct answer is B
Goodwill is recorded when a company acquires (purchases) another company and the purchase price is greater than the fair value of the identifiable tangible and intangible assets therein.
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\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6...
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