Questions Ask question Search Order By: ActiveCategoryClear Filter 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: 6.62K 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: 6.68K 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: 6.17K 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. 4.35K 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. 3.77K 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. 2.28K 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. Calculate the amount of Goodwill 2.10K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Arrange the following steps involved for the Valuation of Goodwill by Average Profit Method: 1.37K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Capital Accounts of Partners Naresh and Vikesh – ₹ 5,00,000 each; Balances in Current Accounts of Naresh and Vikesh – ₹ 50,000 and ₹ 40,000 respectively; Bank Loan – ₹ 10,00,000; Goodwill ₹ 50,000; Investments – ₹ 25,000; Advertisement Suspense – ₹ 15,000. Based on the above information, Capital Employed for the purposes of the valuation of Goodwill will be 4.38K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Ram and Prem are partners in a retail business. Balances in Capital and Current Accounts as on 31st March 2022 were: 3.23K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The average Profit of the firm is ₹ 6,00,000. Total tangible Assets in the firm are ₹ 28,00,000 and Outside Liabilities are ₹ 8,00,000. In the same type of business, the normal rate of return is 20% of the capital employed. Calculate the value of goodwill by Capitalisation of the Super Profit Method. 2.60K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Tangible Assets of the firm are ₹ 1,40,000 and outside liabilities are ₹ 4,00,000. Profit of the firm is ₹ 1,50,000 and normal rate of return is 10%. The amount of capital employed will be 1.58K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Jagat and Kamal are partners in a firm. Their Capitals are Jagat ₹ 3,00,000 and Kamal ₹ 2,00,000. During the year ended 31st March 2023, the firm earned a profit of ₹ 1,50,000. The normal rate of return is 20%. Calculate the value of the Goodwill of the Firm by Capitalisation Method. 2.66K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans A firm earned ₹ 60,000 as profit, the normal rate of return being 10%. Assets of the firm are ₹ 7,20,000 (excluding goodwill) and Liabilities are ₹ 2,40,000. Find the value of Goodwill by Capitalisation of the Average Profit Method. 2.12K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans M/s. Supertech India has assets of ₹ 5,00,000, whereas Liabilities are: Partner’s Capitals – ₹ 3,50,000, General Reserve – ₹ 60,000, and Sundry Creditors – ₹ 90,000. If the Normal Rate of Return is 10% and the Goodwill of the firm is valued at ₹ 90,000 at 2 year’s purchase of Super Profit, the Average Profit of the firm will be 4.68K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Under Super Profit Method, Goodwill is calculated by: 819 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans A firm earns a profit of ₹ 1,10,000. The Normal Rate of Return is 10%. Assets of the firm are ₹ 11,00,000 and liabilities ₹ 1,00,000. The Value of goodwill by Capitalisation of Average Profit will be 2.66K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The total Capital employed in the firm is ₹ 8,00,000, the Normal Rate of Return is 15% and the profit for the year is ₹ 1,20,000. Value of goodwill as per the Capitalisation Method would be: 1.90K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The Formula for valuing goodwill under the Capitalisation of Super Profit Method is: 949 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The average profit of a business over the last five years was ₹ 60,000. The normal yield on capital invested in such a business is estimated at 10% p.a. Capital invested in the business is ₹ 5,00,000. The amount of goodwill, if it is based on 3 year’s purchase of the last 5 years’ super profits will be: 3.33K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The weighted Average Profit Method of calculating goodwill is useful when 994 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Following were the profits of the firm for the last 3 years: 2.87K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Raj & Associates is a partnership firm. Ajay is admitted as a partner. Its Goodwill is to be valued by Average Profit Method. The average profit for the past 5 years is ₹ 1,50,000, and Goodwill is being valued at 3 years’ purchase of average profit, the value of Goodwill of the firm will be: 2.98K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Capital Employed by a partnership firm is ₹ 5,00,000. Its average profit is ₹ 60,000. The normal rate of return is similar type of business is 10%. The amount of super profit is 2.78K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The term ‘Number of Years’ Purchase means: 1.23K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) « Previous 1 2 … 152 153 154 155 156 … 161 162 Next » Question and answer is powered by anspress.net
