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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.
Answers (6)
Sudha Reddy
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
Sorry Mam, I couldn't get it . would you can further explained
Sudha Reddy
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
Net asset value=total asset -intangible asset - Liability..?//
Thread Starter
Pranav Connecting...Net asset value=total asset -intangible asset - Liability..?//
Net Asset value of tangible assets
Sudha Reddy
Net Asset value of tangible assets
For that why we need to reduce liability ..is that any error.
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).
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