Goodwill Nature &Valuation (Important Questions Series)Class 12th Accounts T.S.Grewal Que 9,10,14,16
Goodwill Nature &Valuation (Important Questions Series)Class 12th Accounts T.S.Grewal Que 9,10,14,16 Session 2025-26 Instagram Link : https://www.instagram.com/manojsharma... 9. 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 partners' salaries: Year ended 31st March, 2023-₹1,40,000; 2024-₹ 1,01,000 and 2025-₹ 1,30,000. On 1st April, 2025, Zeenu is admitted to the partnership for 1/4th share in profit (without any salary). Goodwill is to be valued at four years' purchase of weighted average profit of last three years (after partners' salaries); Profits to be weighted as 1, 2 and 3, the greatest weight being given to the last year. Calculate the value of Goodwill. [Ans.: Goodwill- 1,28,000.] Super Profit Method 10. The capital of the firm of Anuj and Benu is 10,00,000 and the market rate of interest is 15%. Annual salary to the partners is 60,000 each. Profits for the last three years were 3,00,000, ₹3,60,000 and 4,20,000. Goodwill of the firm is to be valued on the basis of two years' purchase of last three years average super profit. Calculate the goodwill of the firm.. (CBSE 2019) [Ans.: Goodwill-₹ 1,80,000.] 14. Average net profit expected in future by XYZ firm is 36,000 per year. Average capital employed in the business by the firm is 2,00,000. The normal rate of return from capital invested in this class of business is 10%. Remuneration of the partners is estimated to be 6,000 p.a. Calculate the value of goodwill on the basis of two years' purchase of super profit. [Ans.: Goodwill- 20,000.] 16. Amit and Kartik are partners sharing profits and losses equally. They decided to admit Saurabh for an equal share in the profits. For this purpose, the goodwill of the firm was to be valued at four years' purchase of super profits. The Balance Sheet of the firm on Saurabh's admission was as follows: Liabilities ₹ Assets ₹ 75,000 Capital A/cs: Fixed Assets (Tangible) Amit 90,000 Furniture 15,000 Kartik 50,000 1,40,000 Stock 30,000 Creditors 5,000 Debtors 20,000 General Reserve 20,000 Cash 50,000 Bills payable 25,000 1,90,000 1,90,000 The normal rate of return is 12% p.a. Average profit of the firm for the last four years was 30,000. Calculate Saurabh's share of goodwill. (CBSE Sample Question Paper 2025) [Ans.: Capital Employed- 1,60,000 (Capital + Reserve), Normal Profit- 19,200; Average Profit-30,000; Firm's Goodwill- 43,200; Saurabh's Share of Goodwill- 14,400.]
