goodwill., Accounting Standards

Assignment Help:
Dear Sir,

I am an accountant working in a company with limited liability (WLL), one of the partners (A) will withdraw from our company. One of the existing partner (B) of the company will buy his share.

The amount which will be paid for the partner A will be more than his capital. Is it possible to record the excess amount as a goodwill?

Please give me your suggestion and the scope of this issue from the International Financial Reporting Standard (IFRS)or (IAS).
Best regards

Related Discussions:- goodwill.

Financial position statement, Currently I can represent my financial positi...

Currently I can represent my financial position in the subsequent form:                                           Financial Position Statement 1     Amount owned by me

Ans, #questionThe book of Deven Verma could not be tallied. The accountant ...

#questionThe book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were

Cash, It is generally taken to include currency or legal tender, cheques or...

It is generally taken to include currency or legal tender, cheques or any other document which circulates as cash. It is generally classified like a current asset while it is acces

Difference between trading and profit and loss account, 1. Trading account ...

1. Trading account is prepared so as to calculate gross profit or loss, whereas the function of the profit and loss account is to disclose net profit or loss. 2. Trading account

Depreciation, If I sold aan asset before its matured perid what will be it'...

If I sold aan asset before its matured perid what will be it''s Depreciation schedule?

Accounting, During 2011, Lavina Corporation had cash and credit sales of $9...

During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of

Inventory, Inventory Within a trading firm, inventory is merchandise he...

Inventory Within a trading firm, inventory is merchandise held for sale to customers into the ordinary course of business. In condition of manufacturing firms, inventory would

Journal - accounting process, Journal is an every days record of business t...

Journal is an every days record of business transactions, this is also termed a 'Day Book' and is used for recording every day transactions in the order wherein they arise.  It is

Lease, why Accountant prefer commercial substance than legal form?

why Accountant prefer commercial substance than legal form?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd