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Category [ISC] Goodwill

[ISC] Goodwill 37 Questions

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From the information given below, find the average profits of the partnership firm of Sudhir and Sana

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From the following information, calculate the value of goodwill of M/s Shiv and Shahid:

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A firm earns profit of ₹ 2,00,000. Normal rate of return in the similar business is 10%. Value of total assets (excluding goodwill) and total outside liabilities as on the due of valuation of goodwill are ₹ 23,00,000 and ₹ 6,60,000 respectively

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

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Ajeet and Baljeet are partners in a firm. Their capitals are ₹ 9,00,000 and ₹ 6,00,000 respectively. During the year ended 31st March, 2023 the firm earned a profit of ₹ 4,50,000

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

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Average profit of GS & Co. is ₹ 50,000 per year. Average capital employed in the business is ₹ 3,00,000. If the normal rate of return on capital employed is 10%. Calculate goodwill of the firm by: i) Super Profit Method at three year’s purchase, and ii) Capitalisation of Super Profit Method.

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

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Average profit of the firm is ₹ 2,00,000. Total assets of the firm are ₹ 15,00,000 whereas Partner’s Capital is ₹ 12,00,000. If normal rate of return in a similar business is 10% of the capital employed, what is the value of goodwill by capitalisation of Super Profit?

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

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Ravi and Kant are partners in a business with balances in their capital and Current Accounts as on 31st March, 2023 were:

1.23K viewsAnurag Pathak Changed status to publish 2 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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From the following particulars, calculate value of goodwill of a firm by Capitalisation of Average Profit Method: i) Profits of last five consecutive years ending 31st March, are: 2023 – ₹ 54,000; 2022 – ₹ 42,000; 2021 – ₹ 39,000; 2020 – ₹ 67,000 and 2019 – ₹ 59,000. ii) Capitalisation rate 20% iii) Net Assets of the firm ₹ 2,00,000.

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

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A firm earns ₹ 3,00,000 as its annual profit, the rate of return being 12%. Assets and liabilities of the firm amounted to ₹ 36,00,000 and ₹ 12,00,000 respectively. Calculate value of goodwill by Capitalisation Method.

1.30K viewsAnurag Pathak Changed status to publish 2 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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From the following information, calculate value of goodwill of the firm by Capitalisation Method: Total Capital of the firm ₹ 16,00,000. Normal Rate of Return 10% Profit for the year ₹ 2,00,000

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Ayub and Amit are partners in a firm and they admit Jaspal into partnership w.e.f. 1st April, 2023. They agreed to value goodwill at 3 years purchase by Super Profit Method for which they decided to average profit of last 5 years. The profits for the last 5 years were:

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

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The average profit earned by a firm is ₹ 7,50,000 which includes overvaluation of stock of ₹ 30,000 on an average basis. The capital invested in the business is ₹ 42,00,000 and the normal rate of return is 15%. Calculate goodwill of the firm on the basis of 3 times the super profit.

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

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Average profit earned by a firm is ₹ 1,00,000 which includes undervaluation of stock of ₹ 40,000 on an average basis. The capital invested in the business is ₹ 6,30,000 and the normal rate of return is 5%. Calculate goodwill of the firm on the basis of 5 times the super profit.

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

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On 1st April, 2023, a firm had assets of ₹ 7,50,000 including cash of ₹ 50,000. Its creditors amounted to ₹ 50,000 on that date. The firm had a reserve fund of ₹ 1,00,000 while Partner’s Capital Accounts showed a balance of ₹ 6,00,000

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

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A business earned an average profit of ₹ 1,80,000 during the last few years. The average capital employed by the firm is ₹ 12,50,000. If goodwill of the firm is valued at ₹ 1,60,000 at 2 year’s purchase of Super Profit. Find Normal Rate of Return.

1.08K viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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A business has earned average profit of ₹ 2,50,000 during the last few years and the normal rate of return in similar business is 10%. If goodwill of the firm is valued at ₹ 3,00,000 at 3 year’s purchase of Super profit, find Capital Employed by the firm.

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

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Varuna and Karuna are partners for equal shares. They admit Lata into partnership for 1/4th share. It was agreed to value goodwill of the firm at 4 year’s purchase of super profit

1.09K viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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:

1.03K viewsAnurag Pathak Changed status to publish 3 days ago[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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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

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

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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%

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

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