a. Explain the circumstances in which goodwill might appear in the books of a partnership. b. Describe

Question:

a. Explain the circumstances in which might appear in the books of a partnership.
b. Describe how it would be treated in the statement of financial position.
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...