Important Questions of Class 12 Accountancy Ch-2 Goodwill
Question 1: [2024C]
Asha and Babita were partners in a firm. Their capitals were ₹ 15,00,000 and ₹ 10,00,000 respectively. The normal rate of return was 15%.
The profits of the last four years were:
| Year | Profit (₹) |
|---|---|
| 2019 – 20 | 2,50,000 |
| 2020 – 21 | (50,000) |
| 2021 – 22 | 8,00,000 |
| 2022 – 23 | 5,00,000 |
The closing stock for the year 2022 – 23 was undervalued by ₹ 1,00,000. Goodwill is to be valued at two years purchase of the last four years’ average super profits. Calculate the value of goodwill.
Answer
Important Questions of Class 12 Accountancy Ch-2 Goodwill
Question 2: [2024C]
Piyush and Rishabh were partners in a firm with a combined capital of ₹4,00,000. The normal rate of return was 15%. The profits of the last four years were:
| Year | Profit (₹) |
|---|---|
| 2019 – 20 | 60,000 |
| 2020 – 21 | 90,000 |
| 2021 – 22 | 80,000 |
| 2022 – 23 | 60,000 |
The closing stock for the year 2022 – 23 was undervalued by ₹10,000. Calculate goodwill of the firm based on capitalization of average profit.
Important Questions of Class 12 Accountancy Ch-2 Goodwill
Question 3: [2024C]
Rina and Anna were partners in a firm with a combined capital of ₹ 5,00,000. The normal rate of return was 20%. The profits of the last four years were :
₹
2019 – 20 2,00,000
2020 – 21 4,00,000
2021 – 22 2,50,000 (including an abnormal gain of ₹ 50,000)
2022 – 23 4,00,000
Calculate goodwill of the firm based on two years purchase of the last four years’ average super profit.
Important Questions of Class 12 Accountancy Ch-2 Goodwill
