Question

State the conditions for valuation of goodwill.

Hint:

Goodwill = valued whenever firm is reconstituted or transferred.

Answer 1

Step 1: Situations. Goodwill is valued when the profit-sharing ratio of partners changes.
Step 2: Cases. - Admission of a new partner. - Retirement/death of a partner. - Sale of business. - Amalgamation or merger.
Final Answer: \[ \boxed{\text{Admission, Retirement, Death, Sale, Amalgamation}} \] % Quciktip