Category [CBSE] TS Grewal Solutions [CBSE] TS Grewal Solutions 803 Questions 10 Sub Categories[CBSE] Admission of Partner(141)[CBSE] Death of Partner(41)[CBSE] Dissolution of Partner(55)[CBSE] Fundamentals of Partnership Firm(234)[CBSE] Issue of Debenture(58) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans A business has earned an average profit of ₹ 4,00,000 during the last few years and the normal rate of return in a similar business is 10%. Find the value of goodwill by: 3.45K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans From the following particulars, calculate the value of goodwill of a firm by the Capitalisation of Average Profit Method. 3.56K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Puneet and Tarun are in the restaurant business having credit balances in their fixed capital accounts as ₹ 2,50,000 each. They have credit balances in their Current Accounts of ₹ 30,000 and ₹ 20,000 respectively. The firm does not have any liability. 5.29K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans A and B were partners in a firm with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively, The normal rate of return was 20% and the capitalised value of average profits was ₹ 7,50,000. Calculate the goodwill of the firm by capitalisation of the average profit method. 5.36K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans A firm earned an average profit of ₹ 3,00,000 during the last few years. The normal rate of return of the industry is 15%. The assets of the business were ₹ 17,00,000 and its liabilities were ₹ 2,00,000. Calculate the goodwill of the firm by Capitalisation of average profit. 3.52K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans From the following information, Calculate the value of the goodwill of the firm by applying Capitalisation Method. Total Capital of the firm ₹ 16,00,000. Normal Rate of Return 10% Profit for the year ₹ 2,00,000 2.77K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans 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 of super profit method for which they decided to average profit of last 5 years. The profits for the last 5 years were: 4.19K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans 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 the goodwill of the firm on the basis of 3 times the super profit. 3.01K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans The average profit earned by a firm is ₹ 1,00,000 which includes an undervaluation of stock of ₹ 40,000 on an average basis. 3.28K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans The average Profit of a firm during the last few years is ₹ 2,00,000 and the normal rate of return in a similar business is 10%. If the goodwill of the firm is ₹ 2,50,000 at 4 years’ purchase of super profit, find the capital employed by the firm. 5.81K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans On 1st April 2023, an existing firm had assets of ₹ 75,000 including cash of ₹ 5,000. Its creditors amounted to ₹ 5,000 on that date. The firm had a Reserve of ₹ 10,000 while Partner’s Capital Accounts showed a balance of ₹ 60,000. 4.63K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans A partnership firm earned net profits during the last three years ended 31st March, as follows: 3.12K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans The average net profit expected in the future by XYZ firm is ₹ 36,000 per year. The average capital employed in the business by the firm is ₹ 2,00,000. 3.24K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans A business earned an average profit of ₹ 8,00,000 during the last few years. The normal rate of profits in a similar type of business is 10%. The total value of assets and liabilities of the business were ₹ 22,00,000 and ₹ 5,60,000 respectively. 4.90K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans The total capital of the firm of Sakshi, Mehak, and Megha is ₹ 1,00,000 and the market rate of interest is 15%. The net profits for the last 3 years were ₹ 36,000 and ₹ 42,000. 4.12K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans 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. The annual accounts have shown the following net profit before charging partner’s salaries: 5.66K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Sumit purchased Amit’s business on 1st April 2023. Goodwill was decided to be valued at two years’ purchase of average normal profit of the last four years. The profits for the past four years were: 3.75K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Bhaskar and Pillai are partners sharing profits and losses in the ratio of 3 : 2. They admit Kanika into the partnership for 1/4th share in profit. Kanika brings her share of goodwill in cash. Goodwill for this purpose is to be calculated at two years’ purchase of the average normal profit of the past three years. Profits for the last three years ended 31st March were: 5.13K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Tarang purchased Jyoti’s business with effect from 1st April 2023. Profits shown by Jyoti’s Business for the last three financial years ended 31st March were: 6.70K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Madhu and Vidhi are partners sharing profits in the ratio of 3 : 2. They decided to admit Manu as a partner from 1st April 2023 on the following terms: 6.74K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Asin and Shreyas were partners sharing profits and losses in a ratio of 2 : 1. They admitted Shyam as a partner for 1/5th share in profits. For this purpose, the Goodwill of the firm was to be valued on the basis of three years’ purchase of the last five years’ average profit. Profits for the last five years ended 31st March were: 6.22K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Purav and Purvi are partners in a firm sharing profits and losses in a ratio of 2 : 1. They admit Parv into a partnership for 1/4th share on 1st April 2023. For this purpose, goodwill is to be valued at four times the average annual profit of the previous four or five years, whichever is higher. 4.37K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Annu, Baby, and Chetan are partners in a firm sharing profits and losses equally. They take Deep into partnership from 1st April 2023 for 1/5th share in the future profits. 3.78K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Profits for the five years ending 31st March are as follows: Year 2019 – ₹ 4,00,000; Year 2020 – ₹ 3,98,000; Year 2021 – ₹ 4,50,000; Year 2022 – ₹ 4,45,000 and Year 2023 – ₹ 5,00,000. Calculate the goodwill of the firm on the basis of 4 Years’ purchase of 5 years’ average profit. 2.29K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Goodwill is to be valued at three years’ purchase of four years’ average profit. Profits of the firm for the last four years ending 31st March were: 2020 – ₹ 12,000, 2021 – ₹ 18,000; 2022 – ₹ 16,000; 2023 – ₹ 14,000. 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