The difference between the purchase consideration and the net assets acquired by the company is credited to the Goodwill Account.

Question

Fill in the blanks:

1. The difference between the purchase consideration and the net assets acquired by the company is credited to the Goodwill Account. 

2. The sharepremium collected by the company is to be transferred to a separate account called as“Share Premium Reserve Account ” or Share Premium Account.

Answer 1

1.False

2.True