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Class 12 Accountancy Reconstitution - Admission of a Partner Goodwill AccountingMedium

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What happens to goodwill if the number of years' purchase increases while average profit remains the same?

Answer and explanation

Correct answer: Goodwill will increase

In average profit method goodwill is the product of average profit and years' purchase. Therefore goodwill increases when years' purchase increases.

Related tags

Average Profit Method Reasoning Valuation Goodwill Accounting Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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