Asha and Babita were partners in a firm. Their capitals were ₹ 15,00,000 and ₹ 10,00,000 respectively. The profits of the last four years were: ₹ 2019 – 20 2,50,000 2020 – 21 (50,000) 2021 – 22 8,00,000 2022 – 23 5,00,000 The closing stock for the year 2022 – 23 was undervalued by … Read more
Sunny and Rohan were partners in a firm sharing profits and losses in the ratio of 2: 1. Their books showed that the capital employed on 31st March, 2023 was Rs. 7,00,000. The average profits earned by the firm were Rs. 90,000. Calculate the value of goodwill on the basis of 5 years purchase of … Read more
Aayush and Krish are partners sharing profits and losses equally. They decided to admit Vansh for an equal share in the profits. For this purpose, the goodwill of the firm was to be valued at four years purchase of super profits. The balance sheet of the firm on 31.3.2023 before admission of Vansh was as … Read more
Rishi and Suman were partners in a firm. Their capitals were: Rishi Rs. 1,20,000 and Suman Rs. 80,000. The normal rate of return in similar business is 12%. The profits of the last four years were: Year Rs. 2019 20 33,000 2020 21 22,000 2021 22 31,000 2022 23 34,000 Calculate goodwill of the firm … Read more
Pearl and Ruby were partners in a firm with a combined capital of Rs. 2,50,000. The normal rate of return was 10%. The profits of the last four years were as follows: Rs. 2019 20 35,000 2020 21 25,000 2021 22 32,000 2022 23 33,000 The closing stock for the year 2022 23 was overvalued … Read more
On 1st April, 2023, a partnership firm had assets of Rs. 2,00,000 including cash of Rs. 6,000 and bank balance of Rs. 14,000 accounts showed a balance of Rs. 1,90,000 and reserves constituted the rest. If the normal rate of return is 10% and the goodwill of the firm is valued at Rs. 60,000 at … Read more
A and B were partners in a firm sharing profits equally. Their capitals were A ₹1,20,000 and B ₹80,000. The annual rate of interest 20%. The profits of the firm for the last three years were ₹34,000: ₹38,000 and ₹30,000. They admitted C as a new partner. On C’’s admission the goodwill of the firm … Read more
On 1st April, 2022, the capital of the firm of Ashu and Madhav is ₹1,50,000. The normal rate of return on capital employed is 10%. Average profits of the firm are ₹23,500. Calculate goodwill of the firm based on three years purchase of super profits. Marks-3, CBSE:2022-23/Zone-1/Set-1/Q-20* Answer : Back
Aayush and Aarushi are partners sharing profits and losses in the ratio of 3:2. They admitted Naveen into partnership for 1/4th share. Goodwill of the firm was to be valued at three years’ purchase of super profits. Average net profit of the firm was ₹20,000. Capital investment in the business was ₹50,000 and Normal Rate of Return … Read more
Calculate goodwill of a firm on the basis of three years purchases of the Weighted Average Profits of the last four years. The profits of the last four years were: Years (ending 31st March) 2020 2021 2022 2023 Amount (₹) 28,000 27,000 46,900 53,810 a) On 1st April, 2020 a major plant repair was undertaken … Read more