Is premium and goodwill same?
Goodwill is a premium paid over the fair value of assets during the purchase of a company. Hence, it is tagged to a company or business and cannot be sold or purchased independently.
Why is premium for goodwill credited?
Answer: Because At the time of admission of new partner, brings his share of g/w in cash or in kind which does asset for the firm. In short Premium for G/W does distribute among old partner, which needs to be written off.
What is called goodwill?
Goodwill is an intangible asset associated with the purchase of one company by another.
What partners take premium from goodwill?
If the incoming partner brings premium for goodwill in cash and goodwill already exists in the books of the firm, this goodwill that already exists in the books of the firm is distributed among the existing partners in their old profit sharing ratio.
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