Humanities/Arts Exam > Humanities/Arts Questions > From the following information, identify when...
Start Learning for Free
From the following information, identify when goodwill is required to be calculated.
A. Admission of a Partner
B. Amalgamation of partnership firms
C. Dissolution of partnership firm
D. Retirement and Death of any partner
E. Preparation of Balance sheet
B. Amalgamation of partnership firms
C. Dissolution of partnership firm
D. Retirement and Death of any partner
E. Preparation of Balance sheet
Choose the correct answer from the options given below:
- a)A, C, D only
- b)A, D, E only
- c)A, B, D only
- d)B, C, D only
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
From the following information, identify when goodwill is required to ...
Explanation:
Goodwill is required to be calculated in the following situations:
- Admission of a Partner: When a new partner is admitted to the partnership, the value of goodwill needs to be calculated to determine the new partner's share of goodwill in the business.
- Amalgamation of partnership firms: In the case of the amalgamation of partnership firms, the value of goodwill needs to be calculated to determine the treatment of goodwill in the new firm.
- Retirement and Death of any partner: When a partner retires or dies, the value of goodwill needs to be calculated to adjust the partner's share of goodwill in the partnership.
- Dissolution of partnership firm: During the dissolution of a partnership firm, the value of goodwill needs to be calculated to determine the distribution of goodwill among the partners.
- Preparation of Balance sheet: Goodwill also needs to be calculated when preparing the balance sheet of the partnership firm to reflect the true value of the business.
Therefore, in situations such as admission of a partner, retirement, death, dissolution of the firm, and preparation of the balance sheet, goodwill calculation is necessary in a partnership.
Goodwill is required to be calculated in the following situations:
- Admission of a Partner: When a new partner is admitted to the partnership, the value of goodwill needs to be calculated to determine the new partner's share of goodwill in the business.
- Amalgamation of partnership firms: In the case of the amalgamation of partnership firms, the value of goodwill needs to be calculated to determine the treatment of goodwill in the new firm.
- Retirement and Death of any partner: When a partner retires or dies, the value of goodwill needs to be calculated to adjust the partner's share of goodwill in the partnership.
- Dissolution of partnership firm: During the dissolution of a partnership firm, the value of goodwill needs to be calculated to determine the distribution of goodwill among the partners.
- Preparation of Balance sheet: Goodwill also needs to be calculated when preparing the balance sheet of the partnership firm to reflect the true value of the business.
Therefore, in situations such as admission of a partner, retirement, death, dissolution of the firm, and preparation of the balance sheet, goodwill calculation is necessary in a partnership.
Free Test
| FREE | Start Free Test |
Community Answer
From the following information, identify when goodwill is required to ...
Goodwill is calculated at Admission; Amalgamation, Retirement and Death
|
Explore Courses for Humanities/Arts exam
|
|
Similar Humanities/Arts Doubts
Top Courses for Humanities/ArtsView all
From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer?
Question Description
From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer? for Humanities/Arts 2025 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer?.
From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer? for Humanities/Arts 2025 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer?.
Solutions for From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Humanities/Arts.
Download more important topics, notes, lectures and mock test series for Humanities/Arts Exam by signing up for free.
Here you can find the meaning of From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice From the following information, identify when goodwill is required to be calculated.A. Admission of a PartnerB. Amalgamation of partnership firmsC. Dissolution of partnership firmD. Retirement and Death of any partnerE. Preparation of Balance sheetChoose the correct answer from the options given below:a)A, C, D onlyb)A, D, E onlyc)A, B, D onlyd)B, C, D onlyCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Humanities/Arts tests.
|
|
Explore Courses for Humanities/Arts exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup