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Answer

Sonu and Sumit are partners sharing profits and losses in the ratio 3 : 2. They admit Sahil as a partner for 1/5th share. For this purpose, goodwill of the firm is to be valued on the basis of 3 year’s purchase of last 4 year’s average profit

Solution:-

Parul and Rahul are partners in a firm. They admit Param into partnership for equal share. It was agreed that goodwill will be valued at three year’s purchase of average profit of last five years. profits for the last five years were:

Solution:-

Anurag Pathak
June 25, 2023

Sumit purchased Amit’s business on 1st April, 2023. Goodwill was decided to be valued at two year’s purchase of average normal profit of last four years. The profits for the past four years were:

Solution:-

Anurag Pathak
June 25, 2023

Naman and Amar are partners sharing profits in the ratio of 3 : 2. They decided to admit Raman as a partner from 1st April, 2023 on the following terms:

Solution:-

Anurag Pathak
June 25, 2023

Abhay, Babu and Charu are partners sharing profits and losses equally. They agree to admit Daman for equal share of profit

Solution:-

Anurag Pathak
June 25, 2023

Divya purchased Jyoti’s business on 1st April, 2023. Profits shown by Jyoti’s business for the last three financial years were: 2020 – 21: ₹ 1,00,000 (including profit on sale of machine (abnormal gain) of ₹ 12,500

Solution:-

Anurag Pathak
June 25, 2023

Calculate the value of goodwill of a firm on the basis of three year’s purchase of average profit of the preceding five years which were as follows:

Solution:-

Anurag Pathak
June 25, 2023

Suraj and Chetan are partners in a firm sharing profits and losses equally. They decide to take Deep into partnership from 1st April, 2023 for 1/5th share in the future profits

Solution:-

Anurag Pathak
June 25, 2023

Calculate the value Goodwill on the basis of three year’s purchase of four year’s average profit. Profits of the firm for last four year’s ending on 31st March, were: 2020 – ₹ 12,000; 2021 – ₹ 18,000; 2022 – ₹ 16,000; 2023 – ₹14,000. Calculate the value of Goodwill.

Solution:-

Anurag Pathak
June 25, 2023

Amit, Bunty and Charan are partners sharing profits and losses in the ratio of 2 : 2 : 1. Charan retired on 30th June, 2023. The Balance Sheet of the firm on 31st March, 2023 was as follows:

Solution:-

Anurag Pathak
June 25, 2023