Q1. Consider the following facts about valuation of Goodwill of a partnership firm.
A. Goodwill valu

Q: What is the correct answer for CUET UG Accountancy Q1?

The correct answer is d. Goodwill valuation in a partnership firm is conducted during specific events that impact the value of the firm's intangible assets. These events include a change in the profit-sharing ratio among existing partners, admission of a new partner, and retirement of a partner. Each of these events can alter the firm's value, necessitating a revaluation of goodwill. Goodwill is also valued at the dissolu

Q: Q1. Consider the following facts about valuation of Goodwill of a partnership firm. A. Goodwill valuation is done on change in profit sharing ratio among the existing partners. B. Goodwill is valued…

The correct answer is d. Goodwill valuation in a partnership firm is conducted during specific events that impact the value of the firm's intangible assets. These events include a change in the profit-sharing ratio among existing partners, admission of a new partner, and retirement of a partner. Each of these events can alter the firm's value, necessitating a revaluation of goodwill. Goodwill is also valued at the dissolu

Q: What are the options for this CUET UG Accountancy question?

A. A, B & C only · B. A, C, D & E only · C. A, B & D only · D. A, B, C & D only

Question

Q1. Consider the following facts about valuation of Goodwill of a partnership firm.
A. Goodwill valuation is done on change in profit sharing ratio among the existing partners.
B. Goodwill is valued on admission of a partner, to know the amount to be paid by him to compensate sacrificing partner(s).
C. Goodwill valuation is done on the retirement of a partner to know the amount to be paid to him as compensation for his sacrifice.
D. Goodwill valuation is done at the time of dissolution of a firm which involves sale of business as a going concern.
E. Goodwill valuation is done during the distribution of profits of the partnership firm.
Choose the correct answer from the options given below:

FirstInTest · Accepted Answer

Goodwill valuation in a partnership firm is conducted during specific events that impact the value of the firm's intangible assets. These events include a change in the profit-sharing ratio among existing partners, admission of a new partner, and retirement of a partner. Each of these events can alter the firm's value, necessitating a revaluation of goodwill. Goodwill is also valued at the dissolution of the firm, particularly if the business is sold as a going concern. However, goodwill valuation is not typically done during the distribution of profits. Therefore, A, B, C, and D are correct.

Answer

A, B & C only

Answer

A, C, D & E only

Answer

A, B & D only

Answer

A, B, C & D only

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