Past Year Papers Chapter wise Solutions

Partnership-Goodwill

The goodwill of a firm was to be valued at two years’ purchase of the average profits of the last three years. The profits were as under : 2014 – 15 : Rs.  20,000 (including an abnormal gain of Rs.  5,000) 2015 – 16 : Rs.  40,000 (after charging an...

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Hari and Krishan were partners sharing profits and losses in the ratio of 2 : 1. They admitted Shyam as a partner for 1/5th share in the profits. For this purpose the Goodwill of the firm was to be valued on the basis of three years’ purchase of last five...

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The capital of the firm of Anuj and Benu is Rs.  10,00,000 and the market rate of interest is 15%. Annual salary to the partners is Rs.  60,000 each. The profit for the last three years were Rs.  3,00,000, Rs.  3,60,000 and Rs.  4,20,000. Goodwill of the firm is to...

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On April l, 2018, a firm had assets of ₹1,00,000, excluding stock of ₹20,000. The Current liabilities were ₹10,000 and the balance constituted Partners’ Capital Accounts. If the normal rate of return is 8%, the Goodwill of the firm is valued at ₹60,000 at four years purchase of super profit,...

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The total capital of the firm of Sakshi, Mehak and Megha is Rs.  1,00,000 and the market rate of interest is 15%. The net profits for the last 3 years were Rs.  30,000; Rs.  36,000 and Rs.  42,000. Goodwill is to be valued at 2 years purchase of the last...

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Average profits of a firm during the last few years are Rs.  80,000 and the normal rate of return in a similar business is 10%. If the goodwill of the firm is Rs.  1,00,000 at 4 years’ purchase of super profit, find the capital employed by the firm. Marks-3, CBSE:2018-19/Main/02/Q-7...

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A partnership firm earned net profits during the last 3 years as follows: Year Net Profit (Rs.) 2007-2008 1,90,000 2008-2009 2,20,000 2010-2011 2,50,000 The capital employed in the firm throughout the above-mentioned period has been Rs. 4,00,000/-.  Having regard to the risk involved, 15% is considered to be a fair...

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On 1st April, 2014, a firm had assets of Rs. 1,00,000 excluding stock of Rs. 20,000.  Partners’ Capital Accounts showed a balance of Rs. 60,000.  The current liabilities were Rs. 10,000 and the balance constituted the reserve.  If the normal rate of return is 8%, the Goodwill of the firm...

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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...

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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...

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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

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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...

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