State any three circumstances other than (i) admission of a new partner, (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.

Explanation

In addition to admission, retirment and death of a partner, the need for valuation of goodwill may arise in the following circumstances :
(i) Change in the profit sharing ratio amongst the existing partner.
(ii) Dissolution of a firm involving sale of business as a going concern.
(iii) Amalgamation of partnership firms.