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.
Errors in the ledger can be corrected through ...
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