Question 16 Chapter 3 – Unimax Class 12 Part 1 – 2021

Question 16 Chapter 3 – Unimax Class 12 Part 1

16. Goodwill is to be valued at two years’ purchase of 3 years normal average Profits of the firms. The Profits for 2018 is Rs. 20000 (including insurance claim received of Rs. 35000). The loss of 2019 is Rs. 15000 (including voluntary retirement compensation paid Rs. 105000). The Profit for 2020 is Rs. 75000 (including a profit of Rs. 30000 on sale of fixed assets). Calculate the value of goodwill as on 1.1.2021.

The solution of Question 16 Chapter 3 – Unimax Class 12 Part 1:

Average Profits = Rs. 120000/3= Rs. 40000
Goodwill = Average Profits X Number of years of purchase
= Rs. 40000 X 2
= Rs. 80000

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