Skip to main content
Super TutorResources
Chapter 2 of 10
Concept Maps

Partnership Accounts : Goodwill- Concept and Valuation — Concept Maps

ICSE · Class 12 · Accountancy

4 concept maps of Partnership Accounts : Goodwill- Concept and Valuation for ICSE Class 12 Accountancy, each also written out as a text outline.

47 questions30 flashcards5 concepts

Interactive on Super Tutor

Studying Partnership Accounts : Goodwill- Concept and Valuation? Get the full interactive chapter.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for concept maps and more.

Try Super Tutor — Free

Free trial, no card needed.

4 Concept Maps

Correct vs Incorrect: Adjustments to Calculate Actual Average Profit

Correct vs Incorrect: Adjustments to Calculate Actual Average Profit

The map in words

  • Reported Profit for Each Year
    • Adjustment Needed?
      • Abnormal Income Included: DEDUCT Abnormal Income
        • Adjusted Profit for Year
          • Sum All Adjusted Profits
            • Divide by Number of Years
              • Actual Average Profit
      • Abnormal Loss Included: ADD BACK Abnormal Loss
      • Capital Exp Wrongly in P and L: ADD BACK Capital Expenditure
        • DEDUCT Correct Depreciation
      • Closing Stock Overvalued: DEDUCT Overvaluation
      • Opening Stock Overvalued: ADD BACK Overvaluation
      • Partner Salary Not Deducted: DEDUCT Partner Remuneration

Goodwill: Complete Concept Map

Goodwill: Complete Concept Map

The map in words

  • Goodwill
    • Meaning
      • Reputation of firm
      • Extra earning capacity
      • Super profit source
    • Nature
      • Intangible asset
      • Not fictitious
      • No separate sale
      • No depreciation
    • Types
      • Purchased Goodwill
        • Recorded in books
        • Consideration paid
        • Amortised
      • Self Generated
        • Not recorded
        • AS-26 prohibits
        • Inherent goodwill
    • Factors Affecting
      • Nature of business
      • Location
      • Market conditions
      • Management efficiency
      • Risk involved
      • Nature of profit
    • When to Value
      • Admission of partner
      • Retirement or death
      • Change in PSR
      • Sale of firm
      • Amalgamation
    • Valuation Methods
      • Average Profit
        • Simple Average
        • Weighted Average
      • Super Profit
      • Capitalisation
        • Of Super Profit
        • Of Average Profit

Goodwill — Complete Chapter Overview

Goodwill — Complete Chapter Overview

The map in words

  • Goodwill
    • Meaning
      • Reputation of Business
      • Extra Earning Capacity
      • Attracts Customers
    • Nature
      • Intangible Asset
      • Not Fictitious
      • No Separate Sale
    • Types
      • Purchased Goodwill
        • Recorded in Books
        • Payment Made
        • AS-26 Allows
      • Self Generated Goodwill
        • Not Recorded
        • No Payment
        • AS-26 Prohibits
    • Factors Affecting
      • Nature of Business
      • Location
      • Efficiency of Management
      • Nature of Profit
      • Risk Involved
      • Market Situation
    • Need for Valuation
      • Admission of Partner
      • Retirement or Death
      • Change in PSR
      • Sale of Firm
      • Amalgamation
    • Methods of Valuation
      • Average Profit Method
        • Simple Average
        • Weighted Average
      • Super Profit Method
      • Capitalisation Method
        • of Super Profit
        • of Average Profit

Goodwill in partnership accounts as an intangible asset and its valuation methods

Goodwill in partnership accounts as an intangible asset and its valuation methods

The map in words

  • Goodwill in partnership accounts as an intangible asset and its valuation methods
    • Meaning of Goodwill
    • Definitions of Goodwill
    • Nature of Goodwill
    • Features of Goodwill
    • Factors Affecting Goodwill
    • Types of Goodwill
    • Accounting Standard 26
    • Need for Valuation of Goodwill

Explore these maps interactively

Explore Diagrams

Frequently Asked Questions

What are the important topics in Partnership Accounts : Goodwill- Concept and Valuation for ICSE Class 12 Accountancy?
Key topics in Partnership Accounts : Goodwill- Concept and Valuation include Meaning, Nature, and Features of Goodwill, Factors Affecting Goodwill and Need for Valuation, Average Profit Method, Super Profit Method. Study these first, then practise questions on each for the ICSE Class 12 board exam.
What do the concept maps for Partnership Accounts : Goodwill- Concept and Valuation show?
The 4 maps show how the ideas in Partnership Accounts : Goodwill- Concept and Valuation connect: Correct vs Incorrect: Adjustments to Calculate Actual Average Profit; Goodwill: Complete Concept Map. Each map is also written out as an outline on this page.
How should I revise Partnership Accounts : Goodwill- Concept and Valuation for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 47 practice questions on Partnership Accounts : Goodwill- Concept and Valuation. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

More resources for Partnership Accounts : Goodwill- Concept and Valuation

All ICSE Class 12 Accountancy Concept Maps

For serious students

Get the full Partnership Accounts : Goodwill- Concept and Valuation chapter — start free.

Quizzes, flashcards, an AI doubt solver and a study plan for ICSE Class 12 Accountancy. Free to start, no card needed.

Try Super Tutor Free
Try this chapter free