JAMB - Accounts Principles Of Accounts (2023 - No. 38)
Goodwill can be introduced when
the business suffers high loss
the business is being expanded
the partnership experience super profit
a new member is admitted
Explanation
The circumstances giving rise to the ascertainment of goodwill are:
- admission of a new partner
- change in profit sharing ratio
- death or retirement of a partner
- the business has been purchased
- dissolution of a business
- admission of a new partner
- change in profit sharing ratio
- death or retirement of a partner
- the business has been purchased
- dissolution of a business
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