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Q.No.6 | Chapter 3 – Goodwill: Nature and Valuation | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

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Focus Topic:Q.No.6 | Chapter 3 – Goodwill: Nature and Valuation | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

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Question 06 Chapter 3 of +2-A

6. Annu, Baby and Chetan are partners in firm sharing profits and losses equally. They decide to take Deep into partnership from 1st April 2019 for 1/5th share in the future profits. For this purpose, goodwill is to be valued at 100% of the average annual profits of the previous three or four years, whichever is higher. The annual profits for the purpose of goodwill for the
past four years were:
Year Ended Profit
31st March, 2019 2,88,000;
31st March, 2018 1,81,800;
31st March, 2017 1,87,200;
31st March, 2016 2,53,200.
Calculate the value of goodwill.

The solution of Question 06 Chapter 3 of +2-A:

Average Profit For 3 years	=	Total Profit for past given years
		Number of years

Average Profit	=	2,88,000+1,81,800+1,87,200
		3

Q.No.6 | Chapter 3 – Goodwill: Nature and Valuation | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

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The solution of Question 06 Chapter 3 of +2-A:

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Sarbjit SinghB.Com and M.Com

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Average Profit For 4 years	=	2,88,000+1,81,800+1,87,200+2,53,200
		4

=	6,57,000
=	3
=	2,19,000

=	9,10,200
=	4
=	2,27,550