Advertisement

Question 10 Chapter 3 of Class 12 Part – 1 VK Publication

Question 10 Chapter 3 of Class 12 Part - 1 VK Publication
Question 10 Chapter 3 of Class 12 Part - 1 VK Publication

Advertisement

Question 10 Chapter 3 of Class 12 Part – 1

Advertisement

10. The capital employed in a firm is Rs. 5,00,000. Average rate of return on capital is 15%. The expected net profit of the firm is Rs. 1,50,000 for the year. The remuneration of the partners is estimated to be Rs. 25,000 p.a. Calculate the value of goodwill on the basis of two years’ purchase of super profit.

The solution of Question 10 Chapter 3 of Class 12 Part – 1: –

Normal Profit = Capital Employed x Normal Rate of Return
= 5,00,000 ×15/100 = Rs. 75,000
Average Profit = 1,50,000-25,000 = Rs. 1,25,000
Super Profit = Average Profit – Normal Profit
= 1,25,000-75,000 = Rs. 50,000
Goodwill= Super Profit x Number of Years’ Purchase
= 50,000 x 2 = Rs. 1,00,000

Thanks, Please Like and share with your friends  

Advertisement-X

Comment if you have any questions.

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

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

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

 

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Advertisement

Advertisement

error: Content is protected !!