what is a goodwill
of firm ?
what is the treatment of goodwill
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Answer:
g/w pf the firm
Explanation:
g/w refers as a intangible fixed asset.which reflect the reputation or brand of firm/person in market.
treatment of g/w
1- admission of partner
share the g/w amount to existing partner in their sacrifing ratio(old ratio-new ratio)
2-retirement of partner
share the g/w amount to outgoing partner in gaining ratio(new ratio-old ratio)
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