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ACCOUNT

JAMB 2023 - Question 30

Account 2023 JAMB Past Questions - Question 30: Goodwill can be introduced when

Goodwill can be introduced when

A: the business suffers high loss

B: the business is being expanded

C: the partnership experience super profit

D: a new member is admitted

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Correct Answer

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