Goodwill

Goodwill will be classified into which Categories

• Purchased Goodwill

• Self Generated Goodwill

• Both

• None of the options

Super Profit method is for goodwill valuation

• Super Profit * No. of years

• Average Profit * No. of Years

• Weighted Average Profit * No. of Years

• None

Purchased Goodwill is Assets - _________.

If the amount of Super Profit is negative, to indicate in the accounts as __________________

Sacrificing Ratio is used during ____________________

__________________ is the formula for calculating Sacrificing Ratio?

When Partners decided to show assets and liabilities at old value, which account is opened

• Capital Account

• Memorandum Revaluation Account

• Profit and Loss Account

• None

When Goodwill account is raised, then credit is given to old partners capital account in _____________________.

The average capital employed in a business is rs. 5,00,000 and the average net profit earned is rs. 65,000. If the normal rate of return on capital employed is 8% and a remuneration of rs. 20,000 is expected, then the super profit of the concern is _________---.

Which AS prescribes that self-generated goodwill is not recognised as an asset?

• AS 6

• AS 4

• AS 26

• AS 18