Why Goodwill is considered as intangible asset, but not the Fictitious asset???
3 Replies
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 15 June 2010
As per my view goodwill is called intangible because some money or money's worth has been actually attached to it whereas fictitious asset contain only book entries and no actual transaction.
With Regards,
Kalpesh
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 15 June 2010
And also only purchased goodwill are recorded in the books.
Amit Gupta
(Loosening Myself)
(1508 Points)
Replied 15 June 2010
Hey
Goodwill cant b considered as fictious asset as it can very much be sold by the entity whereas fictious asset cnt be..And it is intangible bcoz it satisfies provisions of AS -26 fr bein classified as intangible.I think everythin is cleared to u
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