✓ Board-verified
Accountancy · 2026 · 1 mark
CBSE 2026 · Region 4 · Set 3 · Q2
Assertion (A): Goodwill is an intangible asset. Reason (R): Goodwill is the value of the reputation of a firm in respect of profits expected in…
Assertion (A) : Goodwill is an intangible asset. Reason (R) : Goodwill is the value of the reputation of a firm in respect of profits expected in future over and above the normal profits. Choose the correct option from the following :
Official answer
(A)
Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A)
Marking-scheme solution
(A)
Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correct explanation
of Assertion (A).
All Reconstitution of a Partnership Firm – Admission of a Partner questions2026 question paperPractice Reconstitution of a Partnership Firm – Admission of a Partner →
More from Reconstitution of a Partnership Firm – Admission of a Partner
- Asha and Indra were partners in a firm sharing profits and losses in the ratio of 3: 2. Their Balance Sheet on 31st March, 2025 was as following:…2026
- Devki and Neena were partners in a firm sharing profits and losses in the ratio of 4:3. Amar was admitted as a new partner for 1/5 h share in the…2026
- Alex, Benn and Cole were partners in a firm sharing profits and losses in 1th the ratio of 5: 3: 2. They admitted Dona as a new partner for share 5…2024
- Sanjay and Vijay were partners in a firm sharing profits and losses in the ratio of 4: 3. On 1st April, 2025 they admitted Babul as a new nth...,..…2026
- The goodwill of a firm was valued on the basis of 3 years purchase of average profits for the last four years. The profits of last four years ending…2023
- Mansi and Uma were partners in a firm and their capitals were 4,00,000 and ₹ 2,00,000 respectively. Normal rate of return in a similar business was…2026
- Atul, Beena and Sita were partners in a firm sharing profits and losses in the ratio of 8: 7: 5. Damini was admitted as a new 1th partner for share…2024
- Bhawana and Vedika were partners in a firm sharing profits and losses in the ratio of 5: 4. From 1st April, 2024 they decided to share future profits…2025
CBSE Class 12 Accountancy past-paper question from the 2026 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.