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Category Goodwill

Goodwill 88 Questions

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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

1.27K 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

740 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

805 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

6.53K viewsAnurag Pathak Changed status to publish April 1, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

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%

7.73K viewsAnurag Pathak Changed status to publish March 30, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

Atul and Bipul had a firm in which they had invested ₹ 50,000. On average, the profits were ₹ 16,000

6.39K viewsAnurag Pathak Changed status to publish March 27, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

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.

4.31K viewsAnurag Pathak Changed status to publish March 17, 2024Accountancy Class 12th Goodwill MCQs (Goodwill)

0 Votes 1 Ans

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

4.00K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

Enumerate two main steps involved in valuing Goodwill according to Super Profit Method.

999 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

Give the formula for Calculation of Goodwill by Capitalisation of Super Profit Method

963 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

Give the formula for calculation of Goodwill by ‘Capitalisation of Average Profit.’

884 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

What is meant by Capitalisation of Super Profit?

1.02K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

What is meant by Capitalisation of Average Profit?

836 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

What are ‘Super Profits’?

894 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

What is meant by Average Profit?

929 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

What is meant by Self-generated Goodwill?

963 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

What is meant by purchased Goodwill?

870 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

Give any two features of Goodwill.

847 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

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.

1.24K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

925 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

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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.

3.07K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

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.

3.05K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

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%.

2.53K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill

0 Votes 1 Ans

Find the Capitalised value of the business from the following information:

2.51K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Goodwill MCQs (Goodwill)

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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.

2.97K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason (Goodwill)Goodwill

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