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Question 1 Chapter 3 - Unimax Class 12 Part 1
1. Calculate the value of goodwill as on 1.4.21 if it is to be valued at two years’ purchase of the average profit of last five years. The profits and losses are as follows :
| Year | Profit/Loss (Rs.) |
| 2016-17 | 40000 (Profit) |
| 2017-18 | 60000 (Profit) |
| 2018-19 | 30000 (Profit) |
| 2019-20 | 20000 (Loss) |
| 2020-21 | 10000 (Loss) |
| Year | Profits (loss) |
| 2001-02 | 40000 |
| 2002-03 | 60000 |
| 2003-04 | 30000 |
| 2004-05 | (20000) |
| 2005-06 | (10000) |
| Total Net Profits | 100000 |
Average Profits = Rs. 100000/5= Rs. 20000
Goodwill = Rs. 20000 x 2 years = Rs. 40000
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