Question 02 Chapter 3 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 02 Chapter 3 of +2- Part-

Question 02 Chapter 3 of +2-Part-1

2. (Average Profit Method) Partner X is admitted in the firm of A and B for 1/5 share. Calculate new partners share in goodwill on the basis of the following information:

Year  Profit/Loss Amount
2011 Profit 30,000
2012 Profit 50,000
2013 Loss 20,000
2014 Profit 40,000
2015 Profit 50,000

Goodwill is two times of the average profit of the last five years.

 

The solution of Question 02 Chapter 3 of +2 Part-1: – 

 

Average Profit = Total Profit for past given years
    Number of years
     
  = 30,000+ 50,000 +(-20,000)+ 40,000+ 50,000 
  5
     
  = 1,50,000
  5
     
  = 30,000

 

Number of years’ purchase = 2
Goodwill = Average Profit X Number of years’ purchase
Goodwill = 30,000 X 2
Goodwill = 60,000

 

Honest = 60,000 X 1
  5
  = 12,000/-    

 



Thanks, Please Like and share with your friends  

Comment if you have any questions.

Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

  • Chapter No. 1 – Accounting Not for Profit Organisations
  • Chapter No. 2 – Partnership Accounts – I
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • Chapter No. 8 – Company Accounts (Share Capital)
  • Chapter No. 9 – Company Accounts (Issue of Debentures)
  • Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

  • Chapter No. 1 – Financial Statements of a Company (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 02 Chapter 3 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.