Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Rakesh and Ashok earned a profit of ₹ 5,000. They employed capital of ₹ 25,000 in the firm. It is expected that the normal rate of return is 15% of the capital. Calculate amount of goodwill if goodwill is valued at three year’s purchase of super profit. 3.64K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Apoorva and Muskaan had a firm in which they had invested ₹ 50,000. On an average, the profits were ₹ 16,000. The normal rate of return in the industry is 15%. Goodwill is to be valued at four years’ purchase of profits in excess of profits @ 15% on the money invested. Value of goodwill. 4.11K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Calculate the goodwill of a firm on the basis of three year’s purchase of the weighted average profit of the last four financial years. The appropriate weights to be used and profits are: 5.62K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Dinesh and Mahesh are partners sharing profits and losses in the ratio of 3 : 2. They admit Ramesh into partnership for 1/4th share in profits. Ramesh brings in his share of goodwill in cash 4.51K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Amitabh and Bachan are partners sharing profits and losses in the ratio of 5 : 3. On 1st April, 2023, Chaman is admitted to the partnership for 1/4th share of profits 4.38K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Profits of a firm for the year ended 31st March for the last five years were: 2.56K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans 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 6.71K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans 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: 5.64K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans 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: 7.35K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans 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: 4.15K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Abhay, Babu and Charu are partners sharing profits and losses equally. They agree to admit Daman for equal share of profit 3.75K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans 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 3.47K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans The Partnership Deed of Aman, Bharat and Chetan has a clause that any partner may retire from the firm on the following terms by giving six months’ notice in writing. The retiring partner shall be paid 7.72K viewsAnurag Pathak Changed status to publish May 3, 2024[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Veena and Soma are partners in a firm. They admit Sara on 1st April, 2022 for 1/4th share in the profits of the firm. On an average, the profits earned by Veena and Soma are ₹ 21,000 6.77K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans 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: 2.90K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans 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 3.64K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans 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. 2.65K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Anil and Sunil are partners sharing profits and losses in the ratio of 3 : 1. On 1st April 2023, their capitals were: Anil ₹ 1,50,000 and Sunil ₹ 90,000 3.85K viewsAnurag Pathak Changed status to publish April 27, 2024[ISC] Fundamentals of Partnership 0 Votes 1 Ans Nihar and Ashish started business on 1st April, 2023 with fixed capitals of ₹ 5,00,000 each. On 1st October, 2023, they decided that total fixed capital of the firm ₹ 15,00,000 should be in their profit sharing ratio of 4 : 1 3.36K viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership 0 Votes 1 Ans Ajay, Bijay, and Chandan are partners in a firm with capitals of ₹ 1,50,000; ₹ 1,20,000, and ₹ 90,000 respectively. Their Partnership Deed provides as follows: 5.45K viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Tara and Mira are in partnership sharing profits in the ratio of 3 : 2. According to the Partnership Deed, Tara is to get salary of ₹ 10,000 per month 2.85K viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership 0 Votes 1 Ans Amrit and Kamal started business on 1st April, 2023 with capitals of ₹ 10,00,000 and ₹ 5,00,000 respectively. Kamal withdrew ₹ 12,000 in the middle of each month 2.86K viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership 0 Votes 1 Ans Firoz and Asim started business on 1st June, 2023 with capitals of ₹ 5,00,000 and ₹ 2,50,000 respectively. Firoz withdrew ₹ 12,000 at the end of each month 3.12K viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership 0 Votes 1 Ans Pawan and Param started business on 1st July, 2023 with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. Pawan withdrew ₹ 18,000 per quarter at the end 2.60K viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership 0 Votes 1 Ans Raman and Karan are in partnership from 1st April, 2023 with capitals of ₹ 10,00,000 each. Raman withdrew equal amount at the middle of every month starting 2.86K viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership « Previous 1 2 … 40 41 42 43 44 … 175 176 Next » Question and answer is powered by anspress.net
