Partnership

Admission

Medium

common

Self - generated goodwill

Is accounted for in the books and shown as an asset.

Is not accounted for in the books.

If it is accounted for in the books and shown as assets, it should be written off as early as possible, but where it is to be written- off in more than one accounting year, it should be written off in a period not exceeding 10 years.

✅ Correct Option: 2

Self-generated or inherent goodwill is built up internally and no consideration is paid for it. Under AS 26 only purchased goodwill is recognised, because self-generated goodwill cannot be measured reliably in money terms. It is therefore not recorded in the books at all.

2022: 16 July Shift 2

Revaluation Account is :-

2026: 23 May Shift 2

A and B are partners sharing profits in the ratio of 4:3. C was admitted as a new partner for 1/4 share in the future profits of the firm. What would be the new profit sharing ratio of A, B and C?

2025: 22 May Shift 1

The reserve fund at the time of admission of a new partner is transferred to -

2025: 31 May Shift 1

Select the factors affecting the value of goodwill-

(A) Nature of business.

(B) Efficiency of management.

(D) Prices.

Choose the correct answer from the options given below:

2026: 13 May Shift 1

When a new partner is entered into firm, goodwill already appeared in books of accounts of firm, should be written off in which of the following.

2023: 20 June Shift 2

A newly admitted partner has the right to -

Self - generated goodwill

Solution

Related questions:

Keyboard Shortcuts

CUET Accountancy Past Year Questions (Topic-Wise)