Question 03 Chapter 3 of +2-Part-1
3. (Average Profit Method) Calculate goodwill at two years of purchase of average profits of last three years.
| Year | Profit |
| 1 | 1,500 |
| 2 | Three times of 1st year profit |
| 3 | 1½ times profits of second year |
The solution of Question 03 Chapter 3 of +2 Part-1: –
| Average Profit | = | Total Profit for past given years |
| Number of years | ||
| = | 1,500 + 4,500 + 6,750 | |
| 3 | ||
| = | 12,750 | |
| 3 | ||
| = | 4,250 |
| Number of years’ purchase | = | 2 |
| Goodwill | = | Average Profit X Number of years’ purchase |
| Goodwill | = | 4,250 X 2 |
| Goodwill | = | 8,500 |
Working Note : –
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*1 Calculation of Profits of last three years
| 1st year’s Profit | = | 1,500 | ||
| 2nd year’s Profit | = | Three times of 1st year profit | ||
| = | 1,500 | X | 3 | |
| = | 4,500/- |
| 3rd year’s Profit | = | 1½ times profits of second year | ||
| = | 4,500 | X | 1.5 | |
| = | 6,750/- |
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Check Out the Solution of all questions of this chapter:
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
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2. Advanced Accountancy Part 2 Class 12 by Unimax Publication