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Category Accountancy Class 12th

Accountancy Class 12th 922 Questions

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0 Votes 1 Ans

Ideal Marketing earned an average profit of ₹ 4,00,000 during the last five years. Normal rate of return on capital employed is 10%. Balance Sheet of the firm as at 31st March, 2023 was as follows:

1.91K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Capital of the firm of Anu and Benu is ₹ 5,00,000 and the market rate of interest is 15%. Annual salary to partners is ₹ 30,000 each. Profits for the last 3 years were ₹ 1,50,000; ₹ 1,80,000 and ₹ 2,10,000

2.30K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Average net profit expected in future by Zee & Co. is ₹ 36,000 per year. Capital employed in the business by the firm is ₹ 2,00,000. Normal rate of return on capital in this class of business is 10%

1.19K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A partnership firm earned net profits during the last three years ended 31st March, as follows: 2021 – ₹ 17,000; 2022 – ₹ 20,000; 2023 – ₹ 23,000. Capital investment in the firm throughout the above mentioned period was ₹ 80,000

1.24K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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.

1.48K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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.

2.15K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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:

3.34K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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

2.41K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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

2.44K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Profits of a firm for the year ended 31st March for the last five years were:

1.03K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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

3.71K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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:

3.57K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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:

3.90K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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:

2.33K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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

1.90K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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

1.90K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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

4.71K viewsAnurag Pathak Changed status to publish May 3, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement 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

3.95K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy 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:

1.13K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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

1.91K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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.

934 viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy 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

1.15K 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

1.18K 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:

3.36K viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy 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

936 viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership

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