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Ans – b) Explanation:- Goodwill is an intangible asset and is recognised as an asset only when consideration is paid for it as per AS 26.

Ans – a) Explanation:- Assertion (A) and Reason (R) are correct but Reason (R) is not the correct explanation of Assertion (A)  

Ans – d) Solution:- Self-generated Goodwill is not recognised in the books and not recorded because the value is not paid for it. Thus, Assertion (A) is not correct but the Reason (R) is correct.

Ans – b) Explanation:- Goodwill is an intangible asset and does not have any physical existence. Goodwill is the reputation that a business enjoys as a result of its good service and product. The customers prefer and also recommend to…

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