Question : Goodwill is not accounted in the books if:
Option 1: It is a Purchased Goodwill
Option 2: It is a Self Generated Goodwill
Option 3: It is decided to be accounted by the Partners
Option 4: Its amount is paid by the Gaining Partner
Answer (1)
22nd Jan, 2024
Correct Answer: It is a Self Generated Goodwill
Solution : Goodwill is not accounted in the books of accounts in case of self-generated goodwill. Hence, the correct option is 2.
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