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the current value of goodwill be taken to be equal to the book value of the asset-> What it means. The treatment done in practice manual -write off the goodwill which was there in b/s before retirement, Through capital a/c of partners.And contribute share of goodwill to the retiring partner by existing partners.


Pranav Connecting...

Pranav Connecting...

CA Inter

4K+

27-Jul-20

69

Answers (6)

Book value (book value is equal to its carrying value on the balance sheet) can be taken as the net asset value of a company calculated as total assets minus intangible assets (patents) and liabilities. This book value is considered as goodwill


sudha reddy

sudha reddy

Moderator

28-Jul-20

sudha reddy Moderator

Net Asset value of tangible assets

For that why we need to reduce liability ..is that any error.


Thread Starter

Pranav Connecting...

Pranav Connecting...

CA Inter

4K+

28-Jul-20

Thread Starter

Pranav Connecting...

For that why we need to reduce liability ..is that any error.

The net asset on the balance sheet is defined as the amount by which your total assets exceed your total liabilities and is calculated by simply adding what you own (assets) and subtract it from whatever you owe (liabilities). It is commonly known as net worth (NW).


sudha reddy

sudha reddy

Moderator

03-Aug-20

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