Goodwill is recognized in partnership accounts when
...Goodwill is recognized in partnership accounts when
The business makes a huge profit
The business has good customer relationship
A partner is dormant
A new partner is admitted
Correct answer is D
Goodwill is recorded in the books only when some consideration in money or money’s worth is paid for it. Thus, in the context of a partnership firm, the need for valuation of goodwill arises at the time of:
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