P1 C5 ADMISSION OF A PARNER — Elements of Account STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C5 ADMISSION OF A PARNER1 Mark
Question
State provision for the goodwill as per accounting standard$-26.$
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Answer
As per $AS-26,$ goodwill should be shown as an asset in the books only when some consideration is paid for goodwill. Internally generated goodwill should be shown in the books of accounts.
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