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P1 C3 VALUATION OF GOODWILL — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C3 VALUATION OF GOODWILL1 Mark
Question
What is revaluation of goodwill?
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Answer

The need for valuation of goodwill arises in the following circumstances: $(i)$ In a partnership firm when admission/ retirement/ death of a partner takes place. $(ii)$ In case of conversion of partnership firm into company or amalgamation of a partnership firm.

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