An intangible asset regarding reputation of a business is known as
New partner can be admitted in the partnership with the
of the all partners.
Goodwil of a business can be sold only by
Technically admission of a partner
the old partnership
Incoming partner contributes
to share in the total assets and
for future profits.
Excess of the proportionate investment is the cost of
for the old partners.
Market value of the business - Net worth of the business =
Under goodwill method goodwill is shown in
Goodwill is distributed among old partners according to
income sharing ratio.
New partnership deed is
when amalgamation of firms took place.