Mr.vishwanath established a travel agency over the years the travel agency earned high reputation mr vishwanath consider the value of goodwill of his travel agency at 50lac. he want to record the value of the goodwill
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Explanation:
Goodwill is an intangible asset of a company and is basically linked with the reputation that a company holds in the market and with its customers and even competitors
In accounting, it is possible to find a value of this intangible asset especially when finding the overall worth of a company
It can be calculated by taking the difference between the value of consideration transferred from seller to buyer and net identifiable assets acquired.
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