Question 26 Chapter 3 of USHA Publication 12 Class Part – 1
26. (Capitalisation of S.P./S.P. Method) A business has earned average profits of ₹ 1,00,000 during the last few years and the normal rate of return in similar business is 10%. Find out the value of goodwill by
(i)Capitalisation of super profit method
(ii) Super profit method if the goodwill is valued at 3 year’s purchase of super profit. The asset of the business were ₹ 10,00,000 and its external liabilities ₹ 1,80,000.
The solution of Question 26 Chapter 3 of USHA Publication 12 Class Part – 1: –
| Capital Employed | = | Total Assets – Liabilities |
| = | 10,00,000 – 1,80,000 | |
| = | 8,20,000 |
| Normal Profit | = | Capital Employed | X | Normal Rate of Return |
| 100 | ||||
| = | 8,20,000 | X | 10 | |
| 100 | ||||
| = | 82,000 |
| Super Profit | = | Average- Normal Profit |
| = | 1,00,000 -82,000 | |
| = | 18,000 |
| Goodwill | = | Super Profit | X | 100 |
| Normal Rate of Return | ||||
| = | 18,000 | X | 100 | |
| 10 | ||||
| = | 1,80,000 |
| Goodwill | = | Super profit x No. of year purchase |
| = | 18,000 x 3 | |
| = | 54,000 |
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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)
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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
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication