Question : When goodwill is not purchased, goodwill account can:
Option 1: Never be raised in the books
Option 2: Be raised in the books
Option 3: Be partially raised in the books
Option 4: Be raised as per partnership deed
Answer (1)
18th Jan, 2024
Correct Answer: Never be raised in the books
Solution : When goodwill is not purchased goodwill it will not be recorded in the books of accounts. Hence, the correct option is 1.
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