Question 13 Chapter 3 – Unimax Class 12 Part 1 – 2021

Question 13 Chapter 3 – Unimax Class 12 Part 1

13. The assets of a firm are Rs. 55000 and the liabilities other than capital are Rs. 25000. The normal rate of Profit in this type of business is 10%. Whereas the firm earns a profit of Rs. 4500. Find the value of goodwill according to the capitalization method.

The solution of Question 13 Chapter 3 – Unimax Class 12 Part 1:

Capital Employed = Total Assets – Outside habities
= Rs. 55000 – Rs. 25000
= Rs. 30000
Capitalised value of average profits (i.e. Rs. 4500) at 10%
Average Profits/Normal rate of return
Rs. 4500/10/100Or Rs. 4500 X 100/10 = Rs. 45000
Goodwill = Capitalized average profits – Actual Capital employed
= Rs. 45000 – Rs. 30000
= Rs. 15000

What is Partnership – Meaning and Its 4 Types

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
• Chapter No. 3 – Goodwill: Nature and Valuation
• Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 – Admission of a Partner
• Chapter No. 6 – Retirement/Death of a Partner
• Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 – Company Accounts –  Accounting for Share Capital
• Chapter No. 9 – Company Accounts – Issue of Debentures
• Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis 
• Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
• Chapter No. 4 – Accounting Ratios
• Chapter No. 5 – Cash Flow Statement

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