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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 09 Chapter 3 of +2-A
9. Bharat and Bhushan are partners sharing profits in the ratio of 3: 2. They decided to admit
| Average Profit | = | Total Profit for past given years |
| Number of years |
| Average Profit | = | 80,000+30,000+70,000 |
| 3 |
| = | 1,80,000 |
| 3 | |
| = | 60,000 |
Number of years’ purchase = 2
| Goodwill | = | Average Profit X Number of years of purchase |
| Goodwill | = | 60,000 X 2 |
| Goodwill | = | 1,20,000/- |
Working Note: -
*1 Calculation of Adjusted Profit
| Adjusted Profit for the year ended 31st March,2017 | = | Total Profit − Gain on sale of Fixed Assets |
| = | 1,10,000 - 30,000 | |
| = | 80,000 |
|
| Adjusted Profit for the year ended 31st March,2018 | = | Total Profit + Voluntary retirement Compensation paid |
| = | (-80,000) + 1,10,000 | |
| = | 30,000 | |
| Adjusted Profit for the year ended 31st March,2019 | = | Total Profit + Loss by fire |
| = | 30,000 + 40, 000 | |
| = | 70,000 |
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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