Match the following list 1 with list 2.

1) c 2) a 3) b 4) d

The correct answer is option 2- 1) c 2) a 3) b 4) d.

* Goodwill is an intangible asset. It is accounted according to the AS-26.

* Land and building is a tangible asset which can be seen & touched.

* Purchased goodwill is accounted in books because consideration is paid for it.

* Self-generated goodwill is not accounted in books because no consideration is paid for it. It is generated due to internal efforts of the partners.