reena (reena9823@gmail.com) (165 Points)
26 June 2011in partnership, when sec37 is invoked is it always necessary that Total Goodwill HAS TO BE RAISED AND WRITTEN OFF??
What is to b done wen question is silent on treatment of goodwill and only amount of goodwill is given??
I have a question wherein JLP was withdrawn by partners but goodwill is not written off.. question is silent on both- JLP n Goodwill..
Plz help
himanshu
(student)
(95 Points)
Replied 26 June 2011
if the question is silent about treatment of goodwill, then goodwill will be written off in old profit sharing ratio of the old partners as well as the joint life policy.
reena
(reena9823@gmail.com)
(165 Points)
Replied 27 June 2011
It is said that goodwill is written off in the subsequent period.
what does 'subsequent period' imply??
Is it that entry for writing off goodwill comes after Deceased Partner's Legal Heir's Amount is ascertained??
himanshu
(student)
(95 Points)
Replied 27 June 2011
reena it would be very helpful if you can post the whole queston as the parts of the questions doesnt specificlly tells what is the requirement
It is said that goodwill is written off in the subsequent period.
what does 'subsequent period' imply??
Is it that entry for writing off goodwill comes after Deceased Partner's Legal Heir's Amount is ascertained??
according to me goodwill is to be written off in the forth comming peroid it may be after the death or in the next financial year. If you can post the whole question then the exact answer can be determined
CAclubindia
