Goodwill a/c?

Amount of goodwill in any case valued by followed various techniques and debiting goodwill in against crediting capital reserve

what does the word goodwill written off and goodwill raised means for????? nd what do we do and pass the entries  if one of the partners in partnership pays liabilities of the creditor  nd we have to reconstitute the partnership????

Right Manish, Unless one pay any consideration for the same as per AS 10

self generated goodwill can not be part of financial book of accounts, goodwill can be there in Balance Sheet but only when we had paid any consideration for that

Agreed with Ankit. Even under International Accounting Standard recognition of self generated goodwill is prohibited.

YES i do agree with that  we could not show self generated goodwill in our balance sheet according to accounting standard .Goodwill can be  shw in books of accounts only when we paid  any consideration 4 that.

ya i also agree. one can not show his self generated goodwill in the financial book. If one has paid the amount for the ghoodwill then and then only he can show goodwil a/c in the balancesheet.