Question

Fill in the blanks with appropriate words:
(i) Goodwill is an ______ asset, but not a ________ asset
(ii) Goodwill is a capitalised value of _______
(iii) Under Average Profit Method, goodwill is calculated by multiplying the _______ by a certain number of year's purchase as agreed by the partners.
(iv) ________ is the excess of actual profit over the normal profit
(v) When the business is taken over by another business, the excess of purchase consideration over its net asset value is referred to as ______
(vi) The value of goodwill is based on______ judgment of the value.
(vii) Under_____ method goodwill is the excess of Capitalised Value of business over Net Assets.
(viii) Average Profit = __________
(ix) Anyfirm that earns only normal profits or is incurring loss, normally does not have____________

Answer 1

Answer:

Goodwill is an intangible assets