Goodwill
mahesh17 (Account-Finance Officer) (162 Points)
19 October 2015
Dear Expert,
Pl. give brief information abt goodwill,
Pl. indicate accounty entry of goodwil
3 Replies
Abhey Gupta
(Student CA IPC / IPCC)
(64 Points)
Replied 20 October 2015
Goodwill is nothing but the expected future profits of the company. It is of two types- 1)Purchased Goodwill
2)Self generated Goodwill
The former one is shown in the books of accounts while latter one is not.
mahesh17
(Account-Finance Officer)
(162 Points)
Replied 20 October 2015
Thanks sir
what is accounting Treatment
Abhey Gupta
(Student CA IPC / IPCC)
(64 Points)
Replied 25 October 2015
Purchased Goodwill-
Assets a/c Dr.
Goodwill a/c Dr.
To Liabilities a/c
To Vendor a/c
Self Generated Goodwill- Not recorded in books
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