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Accountancy Class 12th 870 Questions

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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

604 viewsAnurag Pathak Changed status to publish 2 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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.

709 viewsAnurag Pathak Changed status to publish 2 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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.

1.12K viewsAnurag Pathak Changed status to publish 2 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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:

1.80K viewsAnurag Pathak Changed status to publish 2 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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

1.12K viewsAnurag Pathak Changed status to publish 2 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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Raman and Daman are partners sharing profits in the ratio of 60 : 40 and for the last four years they have been getting annual salaries of ₹ 50,000 and ₹ 40,000 respectively

426 viewsAnurag Pathak Changed status to publish 2 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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

1.25K viewsAnurag Pathak Changed status to publish 2 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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

427 viewsAnurag Pathak Changed status to publish 2 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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

1.90K viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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:

1.70K viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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:

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

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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:

1.12K viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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

751 viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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

1.20K viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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

2.61K viewsAnurag Pathak Changed status to publish 3 days ago[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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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

2.27K viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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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:

516 viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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

1.04K viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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.

411 viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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Mahi, Virat and Ishant are partners in Sports goods business sharing profits and losses in the ratio of 2 : 2 : 1. Ishant is guaranteed profit of ₹ 5,00,000 per annum by Mahi and Virat

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