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Question 2 Chapter 3 - Unimax Class 12 Part 1
2. Calculate the firm’s Goodwill as on 1.1.21 on the basis of 2 years’ purchase of average normal profit of the last three years which are following :
| Year | |
| 2018 | Rs. 40000 (including abnormal gain Rs. 4000) |
| 2019 | Rs. 50000 (after charging an abnormal loss of Rs. 10000) |
| 2020 | Rs. 45000 (excluding Rs. 6000 as insurance premium of firm’s property-now to be insured. |
| Profit for the year 2004 | 40000 | |
| Less Abnormal Gain (already added) | 4000 | 36000 |
| Profit for the year 2005 | 50000 | |
| Add Abnormal loss (already deducted) | 10000 | 60000 |
| Profit for the year 2006 | 45000 | |
| Less Insurance Premium | 6000 | 39000 |
| Total adjusted profits | 135000 |
Average Profits = Total Profits/ No. of years
= Rs. 135000/3
= Rs.45000
Goodwill = Average Profits x No. of years of purchase of average
= Rs. 45000 x 2
= Rs. 90000
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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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