Category Goodwill Goodwill 88 Questions 2 Sub CategoriesAssertion Reason (Goodwill)(3)MCQs (Goodwill)(30) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans A business has earned average profit of ₹ 1,20,000 during the last four years and the normal rate of return of similar business is 15%. If goodwill of the firm is valued at ₹ 1,35,000 at 3 year’s purchase of average super profit 936 viewsAnurag Pathak Answered question May 6, 2024Goodwill 0 Votes 1 Ans A business earned an average profit of ₹ 1,80,000 during the last few years. Average capital employed by the firm is ₹ 12,50,000. If goodwill of the firm is valued at ₹ 1,60,000 534 viewsAnurag Pathak Answered question May 6, 2024Goodwill 0 Votes 1 Ans A and B were partners in a firm sharing profits equally. Their capitals were: A – ₹ 1,20,000 and B – ₹ 80,000. The annual rate of interest is 20%. Profits of the firm for the last three years were ₹ 34,000; ₹ 38,000 and ₹ 30,000 618 viewsAnurag Pathak Changed status to publish May 6, 2024Goodwill 0 Votes 1 Ans Abhay, Babu, and Charu are partners sharing profits and losses equally. They agree to admit Daman for an equal share 5.79K viewsAnurag Pathak Changed status to publish April 1, 2024[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans The Capital of the firm of Anuj and Benu is ₹ 10,00,000 and the market rate of interest is 15% 6.85K viewsAnurag Pathak Changed status to publish March 30, 2024[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Atul and Bipul had a firm in which they had invested ₹ 50,000. On average, the profits were ₹ 16,000 5.66K viewsAnurag Pathak Changed status to publish March 27, 2024[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Total of Assets side of the Balance Sheet – ₹ 25,00,000, Debit Balances in Current Account of Naresh and Vikesh – ₹ 75,000 and ₹ 25,000 respectively; Bank Loan ₹ 8,00,000; Goodwill ₹ 1,00,000; Trade Investments – ₹ 25,000; Profit and Loss Accounts (Debit) – ₹ 15,000. 3.97K viewsAnurag Pathak Changed status to publish March 17, 2024Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Profits of a firm for the year ended 31st March for the last five years were: 3.56K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Enumerate two main steps involved in valuing Goodwill according to Super Profit Method. 893 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Give the formula for Calculation of Goodwill by Capitalisation of Super Profit Method 826 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Give the formula for calculation of Goodwill by ‘Capitalisation of Average Profit.’ 782 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Capitalisation of Super Profit? 894 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Capitalisation of Average Profit? 735 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What are ‘Super Profits’? 776 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Average Profit? 792 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Self-generated Goodwill? 833 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by purchased Goodwill? 755 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Give any two features of Goodwill. 736 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans State any three circumstances other than (i) admission of a new partner, (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise. 1.09K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans 810 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Ajit and Baljit were sharing profits in the ratio of 3 : 2. They admit Chaman into the partnership for 1/6th share of future profits. 2.79K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Average Profit ₹ 4,40,000, Capital Employed ₹ 8,00,000; Normal Rate of Return 15%. Management Cost during this period is estimated to be ₹ 2,00,000. Calculate the value of goodwill on the basis of two years’ purchase of super profit. 2.77K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans A firm earns a profit of ₹ 2,50,000. The Normal Rate of Return in a similar type of business is 10%. 2.29K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Find the Capitalised value of the business from the following information: 2.30K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Assertion (A): Goodwill is the value of the reputation of a firm in respect of the profits expected in the future over and above the super profits. 2.74K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason (Goodwill)Goodwill 1 2 3 4 Next » Question and answer is powered by anspress.net