Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Profits for the five years ending 31st March are as follows: Year 2019 – ₹ 4,00,000; Year 2020 – ₹ 3,98,000; Year 2021 – ₹ 4,50,000; Year 2022 – ₹ 4,45,000 and Year 2023 – ₹ 5,00,000. Calculate the goodwill of the firm on the basis of 4 Years’ purchase of 5 years’ average profit. 2.14K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Goodwill is to be valued at three years’ purchase of four years’ average profit. Profits of the firm for the last four years ending 31st March were: 2020 – ₹ 12,000, 2021 – ₹ 18,000; 2022 – ₹ 16,000; 2023 – ₹ 14,000. Calculate the amount of Goodwill 1.94K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Arrange the following steps involved for the Valuation of Goodwill by Average Profit Method: 1.23K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Capital Accounts of Partners Naresh and Vikesh – ₹ 5,00,000 each; Balances in Current Accounts of Naresh and Vikesh – ₹ 50,000 and ₹ 40,000 respectively; Bank Loan – ₹ 10,00,000; Goodwill ₹ 50,000; Investments – ₹ 25,000; Advertisement Suspense – ₹ 15,000. Based on the above information, Capital Employed for the purposes of the valuation of Goodwill will be 4.02K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Ram and Prem are partners in a retail business. Balances in Capital and Current Accounts as on 31st March 2022 were: 3.01K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The average Profit of the firm is ₹ 6,00,000. Total tangible Assets in the firm are ₹ 28,00,000 and Outside Liabilities are ₹ 8,00,000. In the same type of business, the normal rate of return is 20% of the capital employed. Calculate the value of goodwill by Capitalisation of the Super Profit Method. 2.33K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Tangible Assets of the firm are ₹ 1,40,000 and outside liabilities are ₹ 4,00,000. Profit of the firm is ₹ 1,50,000 and normal rate of return is 10%. The amount of capital employed will be 1.43K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Jagat and Kamal are partners in a firm. Their Capitals are Jagat ₹ 3,00,000 and Kamal ₹ 2,00,000. During the year ended 31st March 2023, the firm earned a profit of ₹ 1,50,000. The normal rate of return is 20%. Calculate the value of the Goodwill of the Firm by Capitalisation Method. 2.46K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans A firm earned ₹ 60,000 as profit, the normal rate of return being 10%. Assets of the firm are ₹ 7,20,000 (excluding goodwill) and Liabilities are ₹ 2,40,000. Find the value of Goodwill by Capitalisation of the Average Profit Method. 1.91K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans M/s. Supertech India has assets of ₹ 5,00,000, whereas Liabilities are: Partner’s Capitals – ₹ 3,50,000, General Reserve – ₹ 60,000, and Sundry Creditors – ₹ 90,000. If the Normal Rate of Return is 10% and the Goodwill of the firm is valued at ₹ 90,000 at 2 year’s purchase of Super Profit, the Average Profit of the firm will be 4.27K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Under Super Profit Method, Goodwill is calculated by: 720 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans A firm earns a profit of ₹ 1,10,000. The Normal Rate of Return is 10%. Assets of the firm are ₹ 11,00,000 and liabilities ₹ 1,00,000. The Value of goodwill by Capitalisation of Average Profit will be 2.43K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The total Capital employed in the firm is ₹ 8,00,000, the Normal Rate of Return is 15% and the profit for the year is ₹ 1,20,000. Value of goodwill as per the Capitalisation Method would be: 1.71K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The Formula for valuing goodwill under the Capitalisation of Super Profit Method is: 818 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The average profit of a business over the last five years was ₹ 60,000. The normal yield on capital invested in such a business is estimated at 10% p.a. Capital invested in the business is ₹ 5,00,000. The amount of goodwill, if it is based on 3 year’s purchase of the last 5 years’ super profits will be: 3.08K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The weighted Average Profit Method of calculating goodwill is useful when 880 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Following were the profits of the firm for the last 3 years: 2.69K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Raj & Associates is a partnership firm. Ajay is admitted as a partner. Its Goodwill is to be valued by Average Profit Method. The average profit for the past 5 years is ₹ 1,50,000, and Goodwill is being valued at 3 years’ purchase of average profit, the value of Goodwill of the firm will be: 2.71K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Capital Employed by a partnership firm is ₹ 5,00,000. Its average profit is ₹ 60,000. The normal rate of return is similar type of business is 10%. The amount of super profit is 2.57K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The term ‘Number of Years’ Purchase means: 1.09K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The excess amount that a firm gets over and above the market value of assets at the time of sale of its business is: 963 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Which of the following statement is correct? 726 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Assertion (A): Rent to a Partner is transferred to the debit of Profit & Loss Account but is not transferred to the debit of Profit and Loss Appropriation Account. 2.69K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Interest on Loan to partner is charged @ 6% p.a., if Partnership Deed does not provide for charging of interest. 2.38K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Avinash, a partner in the firm gave loan of ₹ 5,00,000 to the firm without an agreement as to rate of interest. Interest on Loan by Avinash is to be allowed @ 6% p.a. 3.23K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) « Previous 1 2 … 145 146 147 148 149 … 154 155 Next » Question and answer is powered by anspress.net