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Question 44 Chapter 3 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 44 Chapter 3 of +2-A

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Question 44 Chapter 3 of +2-A

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44. Rajan and Rajani are partners in a firm. Their capitals were Rajan 3,00,000; Rajani 2,00,000. During the year 2018−19, the firm earned a profit of 1,50,000. Calculate the value of goodwill of the firm by the capitalization of super profit assuming that the normal rate of return is 20%.

The solution of Question 44 Chapter 3 of +2-A:

Normal Profit=Capital EmployedXNormal Rate of Return
100
 =5,00,000X20
100
 =1,00,000  
Super Profit=Actual Profit – Normal Profit
 =1,50,000 – 1,00,000
 =50,000
Goodwill=Super ProfitX100
Normal Rate of Return
 =50,000X100
20
 =2,50,000  

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)

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

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

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