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Category [ISC] Goodwill

[ISC] Goodwill 37 Questions

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

2.13K 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

2.16K 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:

861 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

3.32K 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:

3.23K 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:

3.36K 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:

2.09K 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

1.70K 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

1.74K 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 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:

952 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

1.72K 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.

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

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