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Retirement

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 October 2011 Y is it that at the time of retirement ,profit or loss on revaluation is not considered for goodwill calculation ?
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CA SUMiT PATWARi

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CA SUMiT PATWARi (Expert)
18 October 2011 This is because we already take the fair value/market value of the assets and liabilities independently for calculating goodwill.
Revaluation is done to reflect fair value of any asset in books.
Hence when we take fair value of assets while calculating goodwill, we dont need to give effect of revaluation for a second time.
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