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Class 12AccountancyPartnership Accounts - Basic ConceptsGoodwillEasy
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What is the basic meaning of goodwill in partnership?

Answer and explanation

Correct answer: Reputation and capacity to earn extra profit

Goodwill is the firm's reputation and ability to earn extra profit. In exams treat it as an intangible asset.

Related tags

PartnershipGoodwillBasic ConceptPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq
सुधार सुझाएँ / Earn

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10 more MCQs
  1. 1How is goodwill classified as an asset in accounting?
  2. 2What effect does a firm's good reputation have on its goodwill?
  3. 3Why is a stable customer base important for goodwill?
  4. 4What is the accounting treatment of purchased goodwill?
  5. 5Why is self generated goodwill generally not recorded in books?
  6. 6How is goodwill calculated under average profit method?
  7. 7The average profit is ₹50,000, and goodwill is valued at two years’ purchase. What is the value of goodwill?
  8. 8The profits for the last three years are ₹30,000, ₹45,000 and ₹60,000, respectively. What is the average profit used for calculating goodwill?
  9. 9The average profit for four years is ₹80,000, and goodwill is valued at three years’ purchase. What will be the value of goodwill?
  10. 10When is weighted average profit method more useful?
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