Question

adjustment of goodwill when goodwill value of firm is given
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Answer 1

Answer:

goodwill is the result of overall efforts of all the partners including the retiring one . so at the time of retirement or death of the patner he or she is entitled to his or her share pf goodwill. let us learn more about the treatment of goodwill

Answer 2

Answer:

Goodwill is recorded in the books only when some consideration in money or money's worth is paid for it . Thus, in the text of a partnership firm, the need for Valuation of Goodwill arises at the time of : Change in profit sharing ratio amongst the existing partners, Admission of Partner

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