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Introduction to Partnership and Partnership Final Accounts — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyIntroduction to Partnership and Partnership Final Accounts2 Marks
Question
Goodwill is an intangible asset.
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Answer

This statement is True.
Goodwill is a reputation of business computed in terms of money. Reputation can be experienced but can’t be seen or felt. Therefore, Goodwill is an intangible asset.

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