estimated and valued goodwill difference

This topic has 1 reply, 2 voices, and was last updated 8 months ago by Ken Garrett.

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July 5, 2020 at 1:53 am #576017
beticopper
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do we only give goodwill to a retiring partner if it is valued and not estimated?
what is the difference between valued and estimated goodwill?
how do we use them in our accounts?
July 5, 2020 at 10:12 am #576038
Ken Garrett
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All goodwill in a partnership is estimated. Valuation is based on estimation as is the amount of goodwill agreed by the partners.
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