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Question 15 Chapter 3 of Class 12 Part – 1 VK Publication

Question 15 Chapter 3 of Class 12 Part - 1 VK Publication
Question 15 Chapter 3 of Class 12 Part - 1 VK Publication

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Question 15 Chapter 3 of Class 12 Part – 1

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15. The assets of a firm are Rs. 26,000 and liabilities other than capital are Rs. 6,000. The normal rate of profit in this type of business is 12½% whereas the firm earns a profit of Rs. 8,400. Calculate the amount of goodwill according to capitalisation method.

The solution of Question 15 Chapter 3 of Class 12 Part – 1: –

Average Profit= Rs. 8,400
Capital Employed= Total Assets – External Liabilities
= 26,000-6,000 = Rs. 20,000

Normal Profit = Capital employedXNormal Rate of Return
100
20,000X12.5
100

= Rs. 2,500

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Super Profit= Average profit – Normal Profit
= 8,400-2,500= Rs. 5,900

Goodwill = Super profitX100
Normal Rate of Return
5,900X100
12.5

= Rs. 47,200

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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

 

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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