State whether the following statements are True or False: 1. ***** Life policy is the insurance policy covering the lives of partners jointly.

Question

State whether the following statements are True or False:

1. ***** Life policy is the insurance policy covering the lives of partners jointly.

2. Surrender value of the Life Policy is the realizable value of policy on the of a partner.

3. Goodwill is an intangible asset.

4. For goodwill valuation, normal business profits of existing business is considered

Answer 1

1. True,

2. False,

3.True,

4.True